Put terms side by side
Use offers with the same loan purpose, amount and term where possible. Identify whether pricing is locked and whether the rate is fixed or adjustable.
Read the costs
Look at APR, lender charges, points or credits, mortgage insurance and cash required at closing. Ask which costs are estimates and which may change.
Match the loan to your plans
Consider how long you plan to own the property and keep the loan. Compare the monthly payment alongside closing costs, total interest and any future payment changes to see how each offer supports your plans.
Explore in IIMBC Knowledge: Interest rate and APR: see both.