It’s recommended that homebuyers shop around for lenders and loan products. Did you know you can get pre-approved by one lender and still shop around for a better rate? Once you collect a few quotes, use this calculator to compare your loans and figure out which one would work better.
This tool can also help you decide which loan term is best for your mortgage situation. See if a shorter loan term is still affordable, if you know this isn’t your forever home. The 30-year loan term is typically the most popular. A longer term typically means that your monthly payment will be less per month than a 15-year loan.