Understand your options. Run the real comparison. Free.
A Loan Estimate hides its real cost across a dozen lines. Mortgage Remedy adds rate, points, lender credits, and fees into one number, over the years you’ll actually hold the loan — the exact comparison is free to run, every time.
Before you apply
Ask at least three lenders for a Loan Estimate (LE) on the same deal: same purchase price, same down payment, same loan program, same term, and the same points-or-credits strategy. Ask for them close together in time, ideally the same day — rates move, so a Monday quote and a Friday quote aren’t a fair fight.
One number on the LE, Total Loan Costs, is important but it isn’t enough by itself — it doesn’t net out lender credits, and it treats every holding period the same. Multiple mortgage credit checks within a shopping window generally count as one for scoring purposes; the commonly cited range is 14 to 45 days, so 14 days is a safe target, not a guarantee.
“Preapproval” and “prequalification” aren’t standardized labels. Ask what was actually verified — income, assets, credit, and whether an underwriter actually reviewed it, not just an automated system.
Wire fraud: the single highest-severity risk in this whole process
If wiring instructions change — by email, text, or a call — before you send closing funds, stop. Verify the new instructions by calling a phone number you already had for your title or escrow company, never a number from the message itself. Then contact your bank immediately if anything looks wrong, and report it at ic3.gov.
The full guide
Rate, points, and lender credits — one pricing system
One point equals 1% of your loan amount. There is no universal rule that one point buys a fixed rate reduction — it depends on the lender, the loan, and the market that day. Ask each lender for the same loan with zero points, with points, and with lender credits, all in writing, all with the same lock period. Never estimate a zero-point quote yourself using a rule of thumb.
The LE/CD timeline and fee tolerances
Lenders generally must send the LE within 3 business days of a complete application, and you generally must get the Closing Disclosure (CD) at least 3 business days before closing. Not every correction restarts that 3-day wait — it generally restarts only for an inaccurate APR, a changed loan product, or a newly added prepayment penalty. Fee increases are limited by category: some fees can’t increase at all, some can rise up to 10% in total, and some aren’t capped. Know the category before you call an increase improper.
Title insurance and third-party fees
A high title or settlement number isn’t automatically lender profit. Title premiums are regulated in many states and may not vary much between providers. Compare the bottom-line package, including any simultaneous-issue discount, and ask which services on your LE you’re actually allowed to shop for.
“No closing costs” — the real tradeoff
Costs don’t disappear — a lender credit trades upfront cash for a higher rate. That can be the right call if you expect to sell or refinance soon, and the wrong call if you’ll hold the loan a long time. Compare the actual paired scenarios over your own short, expected, and long horizons — that’s exactly what the calculator below does.
Red flags in three tiers
Hard stop: changed wire instructions, being asked to misstate income or occupancy, unexplained material changes to your terms, pressure to sign before corrected documents arrive.
Verify: an unsolicited call after a credit pull, a revised LE you haven’t confirmed the reason for, a loan officer described as unlicensed without checking federal registration.
Negotiate: an origination charge flagged above the matched-quote reference amount, no written zero-point alternative offered yet.
Glossary
LE (Loan Estimate). The standard 3-page form a lender gives you within 3 business days of a complete application, showing rate, payment, and estimated costs.
CD (Closing Disclosure). The standard form you get at least 3 business days before closing, showing the final terms and costs.
APR. Annual Percentage Rate. A rate that folds in some upfront costs, meant for comparing loans -- but it isn't the whole story for an ARM or a loan you won't keep long.
TRID. The federal rule (TILA-RESPA Integrated Disclosure) that created the modern LE and CD forms and their timing requirements.
PMI / MIP. Mortgage insurance. PMI is the conventional-loan version; MIP is FHA's. It protects the lender, not you, but it can let you buy with a smaller down payment.
Points. Discount points: cash paid upfront, at 1% of the loan amount per point, in exchange for a lower rate. There's no fixed rate reduction per point -- it varies by lender and market.
Lender credit. The lender pays some of your closing costs in exchange for a higher rate. The opposite trade from points.
Yield-spread. An older term for compensation a lender/broker could receive tied to your rate. Modern rules restrict how loan-originator pay can vary by rate, so a rate difference alone isn't proof of anyone's compensation.
Escrow. An account the lender holds to pay your property taxes and insurance on your behalf. It's your money, not the lender's.
Rescission. A legal right to cancel certain loans within a set window after signing. It does not apply to a purchase-money mortgage, and it has exceptions elsewhere.
Trigger lead. A mortgage inquiry that can trigger unsolicited offers from other lenders. A new law limits this starting March 4, 2026, but with exceptions.
Enter two or three matched Loan Estimates for the same transaction. This compares real cost over the holding period you choose — not just the rate or the monthly payment.
Holding periods (years) — short, expected, and long. Replace with your own.
This compares fixed-rate loans only. ARM scenario modeling, a refinance-vs-current-loan comparison, and a PMI cancellation tracker are not part of this quick calculator yet.
These are simplified estimates for information only. They are not a price quote, appraisal, loan offer, or approval, and they are not financial, legal, or tax advice. Confirm every number with the seller and your lender before you buy.
This covers most closed-end mortgages secured by real property. Reverse mortgages, HELOCs, manufactured-home loans not secured by real estate, and certain subordinate assistance loans use different disclosures and are out of scope here.
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