Rate Shopping Done Right

Two lenders quote you 6.25% and 6.5%. The "higher" one may actually be cheaper. This short book shows you why - and how to tell.

Most home buyers ask the wrong question first: "What's today's rate?"

But a mortgage quote is never just a rate. It is a package: the interest rate, APR, points, lender fees, lender credits, closing costs, loan type, and timing all work together.

Rate Shopping Done Right teaches first-time home buyers how to compare mortgage quotes using the Loan Estimate (LE), the standardized form lenders provide after a formal application. Instead of guessing which lender is cheaper, you will learn where to look, what to ask, and how to spot the difference between a real deal and a sales line.

Inside, you'll learn how to:

• Compare mortgage quotes on the same basis
• Understand the difference between interest rate and APR
• Read key sections of the Loan Estimate
• Identify discount points and lender credits
• Compare purchase loan offers using Sections A and B
• Evaluate "0 cost" refinance claims
• Ask lenders for clearer, more accurate quotes
• Avoid common mistakes before closing

Includes a plain-English glossary, two fill-in comparison worksheets (purchase and refinance), and two anonymized real cases.

This practical guide - under 50 pages - is written for buyers who want plain English, not mortgage jargon. You do not need to become a loan expert. You just need to know which numbers matter before you choose a lender.

If you are buying your first home, comparing lenders, or trying to understand a Loan Estimate, this book will help you shop with more confidence.

Written by Cindy Liu, MBA, an NMLS-licensed Mortgage Loan Originator.