How should I compare rates offered by different companies?
As a borrower, you’ll want to compare total costs for the same interest rate and lock period. You’ll also want to know if prepayment penalties apply and if the lender requires an impound account for taxes and insurance. Since rates fluctuate daily—and sometimes even several times in one day—you’ll want to look at total costs among brokers and lenders on the same day and at the same if the market is rapidly fluctuating.
