First-home field guide · COMPARE
Compare written offers with the assumptions and questions kept visible.
Use actual written Loan Estimates for a meaningful comparison. The CFPB’s explainer shows where to review the loan terms, payment, closing costs, estimated cash to close and rate-lock information. Compare the same proposed purchase and record differences rather than assuming every quote describes the same loan. Ask the lender to explain any figure you do not understand. This workbook does not rank loans or recommend a product; it makes your questions and tradeoffs visible.
Reference: CFPB homebuying guidance. Checked October 24, 2026. The exercises are original planning prompts; they are not lender rules.
| Item | Your figure / answer | Source / next action |
|---|---|---|
| Document date / lock status | ||
| Loan amount / term / product | ||
| Total monthly cost and exclusions | ||
| Points / lender credits | ||
| Closing costs / cash to close | ||
| Open question before choosing |
My next decision:
One question to resolve, who can answer it, and follow-up date:
Two mortgage quotes can look different because they describe different assumptions. Start by matching the property, price, down payment and requested loan before comparing totals.
Try this: Write the assumptions beside each offer. Highlight any difference and ask for a comparable written scenario.
A quote is easier to evaluate when you know when it was prepared and whether its rate is locked. Ask for written confirmation rather than relying on a remembered conversation.
Try this: Record quote date, lock status and any stated expiration. Ask what could change before you commit.
A different repayment period changes the comparison you are making. Name that difference explicitly rather than judging two offers only by the monthly figure.
Try this: Copy the loan term from each written offer. Ask for matched alternatives if your goal is a like-for-like comparison.
A monthly number may not include every housing expense. Read the payment breakdown and identify costs you would pay separately.
Try this: List principal and interest, mortgage insurance if shown, taxes, insurance and separate assessments. Ask the lender to explain any missing item.
An offer’s upfront charges or credits belong beside its rate. Ask the lender to explain the relationship before deciding which combination suits your plans.
Try this: Record any points or lender credits exactly as shown. Ask for the alternative without them and compare the written figures.
Choosing between offers involves your own plans as well as the paperwork. Discuss your likely time horizon without treating a future move or refinance as certain.
Try this: Write your expected time in the home and what could change it. Ask how each offer’s upfront costs fit that uncertainty.
Two similar labels can answer different questions on mortgage paperwork. Ask the lender to walk you through the amount needed to complete your purchase.
Try this: Copy both figures into separate rows. Ask how down payment, deposits and credits connect the two on your specific estimate.
If an offer includes a feature that can change, make sure you understand the circumstances and limits described in the documents. Do not infer them from a product nickname.
Try this: Write the feature, when it may change and where its terms appear. Ask the lender to explain an unfavorable scenario.
A smaller amount due now can be helpful, but it may come with different terms elsewhere. Put the complete proposals side by side before deciding.
Try this: Compare cash required, monthly cost and changed terms in two columns. Record which tradeoff you are actually choosing.
A Loan Estimate contains different types of costs. Ask which amounts are lender charges and which are estimates for other services or obligations.
Try this: Group the charges using the headings on the actual form. Note who can explain or update each uncertain amount.
When a new version arrives, compare it with the prior one rather than reviewing it in isolation. Ask what changed and why.
Try this: Record old figure, new figure, explanation and document date for each difference. Keep both versions together.
A reassuring conversation is useful, but the written terms need to match what you understood. Resolve a mismatch before proceeding.
Try this: Write the term you discussed and where it appears in the written offer. Ask for clarification or corrected documentation if they differ.
Service expectations matter when you are comparing lenders. Learn who handles questions and how urgent issues are escalated.
Try this: Record the primary contact, backup contact and communication process for each lender. Ask how updates are delivered.
A comparison is incomplete if one offer includes a cost that the other leaves uncertain. Mark missing information instead of assigning it a zero.
Try this: Identify blank or estimated items in each offer. Ask for enough information to compare the same scope.
Different insurance assumptions can affect the housing-cost picture. Use a property-specific insurance conversation to clarify what is still estimated.
Try this: Record the insurance amount and its source for each offer. Ask your insurance professional for a quote and share it with the lender.
Rate-lock discussions can include timing, expiration and possible changes. Capture the questions while there is time to understand the answer.
Try this: Ask what is locked, for how long, how confirmation arrives and what happens if timing changes. Record the written response.
Not every line will be final when you begin comparing. Label the uncertain items so a neat total does not create false confidence.
Try this: Mark each key figure quoted, estimated or awaiting clarification. Focus the next conversation on the largest unresolved differences.
A term you cannot explain to yourself deserves a question. There is no advantage to pretending an unfamiliar feature is clear.
Try this: Choose three unfamiliar terms from the offer. Ask the lender to explain what each means for your obligations and decisions.
A comparison worksheet is most useful when it helps you articulate a decision. Explain which cost, feature or service tradeoff matters most to you.
Try this: Write your preferred offer, two reasons and the unresolved question that could change your choice. Review that question before committing.
Saving only the latest attachment can make later comparison difficult. Keep a dated copy of the terms you selected and the relevant correspondence.
Try this: Create a clearly labeled folder for the chosen offer, lock confirmation and subsequent revisions. Note the selection date.
Bring the summary worksheet and the question you most want answered. You can be early in the process; a useful conversation starts with where you are.
Brooks Kelly · NMLS #208792
brooks@planethomelending.com · (214) 402-2647
@thebrookskelly on Instagram
General educational planning material, not a loan offer, commitment to lend, credit-repair service, or legal/tax advice. Eligibility, terms and availability depend on the actual transaction and applicable requirements. Ask qualified professionals about your circumstances.