When we compare the value of a mortgage should be simple, but behind the scenes of the pricing information that borrowers should be aware of receiving an accurate comparison.

Here are 4 tips on how to lose the line:

1. Try to get all the mortgage quotes the same day as interest rates change daily and sometimes more than once per day, depending on the lender policies, economic reports and possible actions of the Federal Reserve.

2. Try to compare the prices of the similar rate lock periods. Creditor to vote leaves the mortgage amount, sometimes Schloss, for example, 15, 30 or 60 days. If a lender a set of locks, to ensure that the penalty imposed for the period. Longer lock periods usually have higher interest rates, which can make a difference in the offer.

3. Compare mortgage quotes with the same points, for example, zero points or one point. Lenders have tiered pricing, which can be bought up or down. Rising mortgage interest and points are back, while reducing the rate will increase the points.

4. Creditors must quote any mortgage in the isolation of all loan rates. Lenders usually have fees such as processing, underwriting and documents, and title insurance, escrow, or evaluation. Some lenders charge may be negotiable. Positions that are not included as a creditor: property taxes, insurance and pre-payment of interest into account.

Lenders are obliged to put in a good faith estimate of closing costs of an application is to offer, but they can be made before the start of the loan process.

To obtain an actual rate commitment, lenders will have access to a credit report. As a benchmark, a credit report contains credit scores from the three main credit bureaus. Available at a reasonable price, lenders typically use the average of the three notes of the borrower, the main household wage earners.