Be prepared to negotiate with the brokers as well as the lenders. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. Get a list of current rates. Make sure it indicates whether the rates are fixed or adjustable.
Points are fees paid to the lender or broker and are often linked to the interest rate.
Usually, the more points you pay, the lower the rate. A mortgage usually involves many fees, such loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs.