Start with one Loan Estimate: how to compare a competing lender offer
October 3, 2026
Start with one existing, lender-issued Loan Estimate; you do not need two estimates to request a LoFi Rate broker match. A matched licensed mortgage professional may help you obtain a competing lender offer. LoFi Rate is a matching service, not a lender, and does not create lender Loan Estimates. When a competing estimate is available, use this checklist to compare the loan assumptions, lender charges, monthly payments and cash to close. A lower rate or smaller closing check does not, by itself, identify the better mortgage.
1. Match the loan before comparing the price. Confirm the same loan amount, down payment, loan type and term, along with fixed versus adjustable pricing. Give each lender consistent property and borrower information. Ask for offers close together in time and the same lock period: an unlocked rate may change, while a locked offer has an expiration date. Check page one for the lock status and confirm the lender can meet your closing timeline. If one lender priced a different product, ask for a revised estimate before calling that offer cheaper.
2. Compare points, lender fees and credits together. On page two, Section A lists origination charges, including discount points. Points are an upfront payment for a lower interest rate; one point equals 1% of the loan amount, but there is no universal rate reduction per point. Lender credits appear in Section J and reduce closing costs; rate-linked credits generally involve a higher rate. Ask for comparable points or credits when shopping lenders. Review Section B services separately as well. Have the loan officer explain which fees differ and calculate total costs for how long you expect to keep the mortgage.
3. Separate the mortgage payment from other housing costs. Page one shows principal and interest, mortgage insurance and estimated escrow payments. Compare the total monthly amount, and check whether taxes, insurance or assessments must be paid outside escrow. A smaller tax or insurance estimate does not prove better lender pricing. On page two, compare estimated cash to close, including down payment, deposit, seller credits, prepaids and initial escrow funding. Those items affect the cash you need but can obscure a comparison of lender charges. Ask for consistent assumptions and explanations of substantial differences instead of choosing solely by the lowest payment or cash-to-close figure.
4. Compare costs over time and confirm the closing plan. On page three, the CFPB recommends subtracting principal paid from the total paid in the "In 5 years" comparison to estimate five-year interest and fees. For an adjustable-rate mortgage, that comparison assumes rates stay unchanged; actual costs can rise. Your own holding period may be shorter or longer. Ask the lender to explain the tradeoffs and confirm its closing timeline before switching. A Loan Estimate is not loan approval or a commitment to lend. Official sources checked September 30, 2026: CFPB — Compare and negotiate your loan offers: https://www.consumerfinance.gov/owning-a-home/compare/compare-loan-estimates/ CFPB — Request and review multiple Loan Estimates: https://www.consumerfinance.gov/owning-a-home/compare/request-and-review-multiple-loan-estimates/ CFPB — Loan Estimate Explainer: https://www.consumerfinance.gov/owning-a-home/loan-estimate/ CFPB — Lender credits and points: https://www.consumerfinance.gov/ask-cfpb/how-should-i-use-lender-credits-and-points-also-called-discount-points-en-136/