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Frequently Asked Questions
How much difference does the lender make on my mortgage rate?
For the same loan type and borrower profile, rates can vary 0.25-0.5% between lenders. On a $350,000 30-year mortgage, that's $50-$100/month or $18,000-$36,000 total. Always get 3+ quotes.
Should I use my bank or shop with online lenders?
Online lenders often offer lower rates but less personal service. Local/regional banks offer relationship lending and may work with non-traditional credit. National mega-banks offer convenience but rarely have the best rates. Get quotes from all three for comparison.
What is the average mortgage rate in my area?
National average rates fluctuate weekly based on the Fed rate and market conditions (typically 5.5-7.5% in 2026). Your personal rate depends on credit score, loan-to-value ratio, loan type (FHA/VA/Conventional), and down payment.
How long does it take to close with different lenders?
Online lenders: 7-14 days; local/regional banks: 14-21 days; mega-banks: 21-30+ days. Pre-approval takes 1-3 days. Use a lender's average close time to gauge their efficiency.
What fees should I expect from a mortgage lender?
Origination (0.5-1.5%), appraisal ($300-$500), title/escrow ($500-$1,500), credit report ($30-$50), underwriting ($400-$900), and miscellaneous. Total: 2-5% of loan amount. Compare closing costs, not just the rate.