How to compare mortgage Loan Estimates
A practical comparison guide for Chicago buyers choosing between mortgage offers.
By Kyle Perks · Updated September 4, 2026
Start with the same scenario
Ask lenders to quote the same property, down payment, loan amount, loan type, and term. Tell each lender your expected closing date. Keep the quotes together so you can see what changed between conversations.
Read beyond the headline rate
A Loan Estimate organizes the proposed payment, upfront costs, and cash needed to close. Compare lender charges and credits as well as the rate. Taxes and insurance estimates may differ without reflecting a cheaper loan. See the CFPB’s comparison guide.
Ask one useful question
“What would I pay upfront, monthly, and over the period I expect to keep this loan?” A lower payment alone does not answer all three. Bring the actual estimates to your conversation with Kyle rather than a screenshot of an advertised rate.
Separate rate from APR
The interest rate describes the cost of borrowing before fees. APR includes the interest rate and certain additional loan costs. Use both, while checking that you are comparing the same kind of loan. CFPB: interest rate and APR.
Educational information; loan options depend on current program rules and your circumstances. Kyle Perks NMLS# 907142 · Stonehaven Mortgage NMLS# 901574.