How to Compare Refinance Offers
November 4, 2026
To compare refinance offers, request Loan Estimates from at least two or three lenders on the same day for the same loan amount, term and lock period, then compare the APR, the Section A origination charges, points or lender credits, and total closing costs. Use each offer's closing costs and monthly savings to find your break-even point, and include your current lender or servicer in the comparison.
Make the offers comparable. Refinance pricing changes daily, so quotes taken days apart can't be compared fairly. Give every lender the same details: estimated home value, loan amount, loan type, term, whether you're taking cash out, and the lock period you want. Each lender must give you a Loan Estimate within three business days of your application, in the same standard format, which makes side-by-side comparison easier. Look at page 2: Section A is what the lender charges, Section B and C cover third-party services, and lender credits appear in Section J.
Points, credits and break-even. Paying points lowers the rate but raises upfront cost; taking a lender credit lowers upfront cost but raises the rate. A no-closing-cost refinance usually means a credit covers the fees in exchange for a higher rate. Divide the total closing costs by the monthly savings to estimate how many months it takes to break even, and compare that with how long you plan to keep the loan. Also check whether the new term restarts your payoff clock, and whether closing costs are paid in cash or rolled into the loan balance. See our posts on the refinance break-even point and no-closing-cost refinances.
Questions to ask and quick answers. Ask each lender: Is this rate locked, and for how long? What are the Section A charges and any points? Is there a lender credit, and what rate does it come with? Do you require an appraisal, or could a waiver apply? What's the expected closing timeline? Should I refinance with my current lender? Ask them for an offer, but compare it with others; your current servicer may not offer the least expensive option. Does shopping several refinance lenders hurt my credit? Multiple mortgage inquiries in a short window are generally treated as one for scoring. Can I back out after applying? Yes, until you sign closing documents, and many refinances of a primary home also come with a three-business-day right to rescind after signing.
Compare refinance offers on same-day Loan Estimates for identical loans, focusing on APR, Section A fees, points versus lender credits and total closing costs, then check your break-even against how long you'll keep the loan. Include your current lender, but don't assume it's the cheapest. Sources: CFPB, Loan Estimate explainer and Your Home Loan Toolkit (consumerfinance.gov); 12 CFR 1026.19(e) (Loan Estimate timing); 12 CFR 1026.23 (right of rescission). General education only. LoFi Rate is an independent matching service, not a lender or mortgage broker. If you request a match, your information is shared with independent mortgage professionals licensed in your state.