compare mortgage refinance rates with confidence

What to look at beyond the headline rate

The lowest note rate can hide higher costs. Compare APR, discount points, lender fees, and the loan term, because a 15-year quote will price differently than a 30-year. Ask for a standardized Loan Estimate so you can see taxes, insurance escrows, and whether costs are paid as cash or rolled into the balance.

• APR vs rate: APR folds fees into a yearly cost.
• Points: Upfront fees that buy a lower rate; check the breakeven.
• Credits and fees: Lender credits reduce cash but raise the rate.
• Lock period: 15, 30, or 60 days change pricing.
• Prepayment terms: Rare, but verify there is no penalty.

How to compare quotes

1. Collect quotes on the same day and time window.
2. Normalize to the same term, lock, and cash to close.
3. Compute the break-even: total costs divided by monthly savings.
4. Run scenarios with and without points to see the trade-off.

Extra tips

Improve your pricing by raising your credit score, lowering your LTV, and keeping debt-to-income steady. Ask about a rate lock with a float-down, and always confirm that the lender can close within the chosen lock.