Rate Shopping
Is My Mortgage Rate Actually Competitive?
You have a quote in hand. Now you need to know: is the rate fair, or is there a better one waiting? Enter the same scenario below and Rate Direct returns live wholesale pricing from hundreds of lenders. Compare side by side in seconds.
Three numbers, three minutes
Match your Loan Estimate's loan amount, LTV, FICO, and property profile in the pricer. Compare the rate, lender fees, and mortgage insurance. If the live market is better, you have leverage - or a reason to switch.
Conventional Loan Facts
- Down payment as low as 3% for first-time homebuyers, 5% for others
- Down payment assistance programs available to fully cover the 3% down payment
- Private Mortgage Insurance (PMI) required below 80% LTV - automatically removed at 78%
- Maximum DTI typically 45%, up to 50% with strong compensating factors
- Minimum credit score generally 620; best rates at 740+
- Available for primary residence, second home, or investment property
- No upfront mortgage insurance premium - only monthly PMI if applicable
Three Numbers That Actually Matter
1. The interest rate
Note both the rate AND any discount points charged to buy it down. A 6.50% rate with 1.5 points is not the same as 6.50% at par.
2. Lender fees
Section A on Page 2 of your Loan Estimate: origination, processing, underwriting, lender admin. These are the only fees your lender controls.
3. Mortgage insurance
Monthly MI (Conventional) or MIP (FHA). On low-down-payment loans this is a huge swing variable lenders sometimes hide.
Title, appraisal, escrows, taxes, prepaids - those vary by location and are NOT controlled by your lender. Ignore them for the rate-shopping comparison.
Send Us Your Loan Estimate
If you want a written side-by-side comparison, upload your current Loan Estimate at /beat-my-rate. Rate Direct returns an apples-to-apples breakdown - same loan amount, same lock period, same product - and a quote we can prove is better. If your quote is already strong, we say so. No pressure, no spam.
Upload my Loan EstimateFrequently Asked Questions
How do I know if my mortgage rate is competitive?+
Compare the rate plus all lender fees on your Loan Estimate against live wholesale pricing for the same scenario (loan amount, LTV, FICO, occupancy, property type, lock period). If a wholesale lender posts a strictly better combination of rate, lender fees, and mortgage insurance, your quote is not competitive.
What numbers actually matter when comparing mortgage quotes?+
Three: the interest rate, the total lender fees on Page 2 of the Loan Estimate (Section A: Origination Charges), and the monthly mortgage insurance if applicable. Third-party costs like title, appraisal, taxes, and prepaids are not set by your lender and should not drive the comparison.
Should I get multiple Loan Estimates?+
Yes - the CFPB found borrowers who shop at least three lenders save roughly $1,500 over the life of the loan, and those who shop five or more can save several thousand. Rate Direct simplifies this by showing you the wholesale market in seconds.
What is an apples-to-apples mortgage comparison?+
Same loan amount, same LTV, same FICO bracket, same occupancy, same lock period, same property type, and same product (e.g. 30-year fixed Conventional Conforming). A "lower rate" quote on a 15-day lock is not the same as a 60-day lock.
Can I send my Loan Estimate to Rate Direct for a side-by-side comparison?+
Yes - upload it to /beat-my-rate. You'll get an apples-to-apples comparison and a quote we can prove is better, or an honest answer that your current quote is already strong.
What if my rate is competitive but Rate Direct is even better?+
You can apply through Rate Direct and lock the better rate. If for some reason another lender then closes you at a strictly better combination of rate, fees, and MI, the Loan Factory $2,000 Best Price Guarantee pays you $2,000 on qualifying loans.
Found a better rate here?
Apply through Rate Direct. Same-day Loan Estimate and pre-approval, plus the Loan Factory $2,000 Best Price Guarantee on qualifying loans.
Start my applicationSend your Loan Estimate
Side-by-side written comparison
Live rates explained
Real-time vs. daily averages
$2,000 guarantee
Cash backstop on qualifying loans