I Have Two Loan Estimates. How Do I Compare Them, and What Can Still Change?

The question

You applied with two lenders. Now you've got two Loan Estimates side by side, and the numbers don't line up.

Which one is the better deal? And which numbers can still move before closing?

The straight answer

First, make sure you're comparing apples to apples:

• Same lock date. Rates can change daily.
• Same lock length. A 30-day lock and a 60-day lock aren't the same offer.
• Same points or credits. One lender may be "buying" a lower rate with your money.

Then compare Estimated Cash to Close, the interest rate, and the APR. Total points and fees come second.

A quick walk through the 3 pages

Page 1: loan amount, rate, principal and interest, and whether your rate is locked and until when. Estimated Cash to Close is at the bottom.

Page 2:

• Section A, Origination Charges. The lender's own fees, plus any points. The CFPB says it's the total that matters.
• Section B, Services You Cannot Shop For. The lender picks these. On a VA loan, the funding fee shows up here.
• Section C, Services You Can Shop For. The lender gives you a list of providers, and you can shop.
• Section J. Lender credits show as a negative number.

Page 3, Comparisons: "In 5 Years" (what you'll have paid and how much principal you've paid off), the APR ("not your interest rate"), and the Total Interest Percentage (TIP).

What can change, and what can't

Federal rules (12 CFR 1026.19(e)(3)) split closing costs into three buckets. Can't go up: the lender's fees and services you weren't allowed to shop for. Can go up 10% in total: recording fees plus shoppable services when you pick from the lender's list. Can change: prepaid interest, homeowners insurance, escrow deposits, property taxes, and services from a provider you found yourself, as long as the lender's estimate was in good faith. The exception is a valid "changed circumstance," which lets the lender send a revised Loan Estimate.

Points vs. lender credits

Points lower your rate for cash up front. One point is 1% of the loan. Lender credits are the reverse: a higher rate in exchange for help with closing costs.

Example, not a quote. Made-up pricing for the math. $350,000 home, VA loan, $0 down, first use, funding fee rolled in: $357,525 loan, 30-year fixed.

What that tells you:

• The point saves about $60 a month. It takes about 5 years to earn back $3,575.
• The credit saves $1,788 now but costs about $60 more a month. In about 2½ years, you've paid it back.
• Plan to sell or refinance sooner? Points may not pay off. The CFPB suggests comparing your shortest, longest and most likely time in the loan.

VA sidebar: what you can be charged

• The 1% flat charge. A VA lender can charge you a flat fee of up to 1% of the loan in place of most other origination costs. On the loan above, that's up to $3,575.
• Only listed fees. Beyond that, VA lets you pay specific items like the appraisal, credit report, title, recording, survey and hazard insurance.
• Funding fee. First use with less than 5% down is 2.15%, or $7,525 here. You can roll it into the loan. It sits in Section B.
• Who's exempt? VA says you don't pay it if you get VA disability compensation, or you're eligible for it but receive retirement or active-duty pay instead. Surviving spouses receiving DIC are exempt too. So are service members with a proposed or memorandum rating before closing, and active-duty Purple Heart recipients who show proof by closing.

For the full payment math, see our VA payment breakdown.

From my seat: what usually triggers a revised Loan Estimate

I write Loan Estimates, and these are the usual reasons they change:

• You lock your rate. If you were floating, the lender has 3 business days after the lock to send a revised one.
• The appraisal. A value that comes in higher or lower can change the loan.
• Credit or income changes. A new loan, a missed payment, or income the lender can't document.
• You change something, like the loan type, down payment or closing date.
• It expires. If you don't say you want to proceed within 10 business days, the lender can revise the costs.

A revised Loan Estimate has to reach you at least 4 business days before closing. When one shows up, ask: What changed, on which line, and why?

A Kaufman County example

Example, not a quote. Say you're buying that $350,000 home in Kaufman with your VA benefit. Lender A shows 6.75% with 1 point. Lender B shows 7.00% with no points. A's rate looks better, but your cash to close is about $3,575 higher. Staying past about 5 years? A may win. If not, B might. Settle this before you write the offer, so you're shopping with a clean, locked pre-approval.

Not sure about your Loan Estimate?

Got a Loan Estimate you're not sure about? Text it to me at 972-951-6987. As a Realtor and loan officer (One Real Mortgage, NMLS #2681224), I'll walk you through every line.

— Dylan Hernandez, USMC Gunnery Sergeant (Ret.) | Team Leader, DH Real Estate Group | dylanhernandezsellsdfw.com

Disclosures

Example only, not a rate quote, loan offer, or commitment to lend. Rates, points, and credits in the table are made-up pricing chosen to show the math, not offered rates. Sample APRs are estimates only. They assume a $357,525 loan, a 30-year fixed term, the $7,525 VA funding fee, an assumed $4,000 in other prepaid finance charges, and the points or lender credit shown. Payments are principal and interest only and exclude taxes, insurance, and HOA. Your actual rate, APR, and costs depend on credit, loan type, down payment, property, and the market on the day you lock. VA fees and funding fee rules can change. This article is for general information only and is not legal, financial, or tax advice. Not all applicants will qualify.

Dylan Hernandez, Licensed Loan Officer, NMLS #2681224, One Real Mortgage, NMLS #198414. Equal Housing Opportunity. Real estate brokerage services provided by Real Broker, LLC. Dylan Hernandez, TREC #0787987. Texas Real Estate Commission Information About Brokerage Services | Texas Real Estate Commission Consumer Protection Notice

Sources (accessed October 7, 2026)

1. CFPB, "Loan Estimate Explainer" (Section A origination charges, "it's the total that matters"; Section B services you cannot shop for, where the VA funding fee appears; Section C; lender credits; Comparisons, APR, TIP; page last modified Oct. 29, 2025): https://www.consumerfinance.gov/owning-a-home/loan-estimate/
2. CFPB, "What is a Loan Estimate?" (three-page form, due within three business days of application, same standard form for all lenders): https://www.consumerfinance.gov/ask-cfpb/can-my-actual-closing-costs-be-higher-than-what-is-on-my-loan-estimate-en-1995/
3. 12 CFR 1026.19(e), Regulation Z (TRID): (e)(1)(iii) Loan Estimate timing; (e)(3)(i)-(iii) tolerances; (e)(3)(iv) changed circumstances, borrower-requested changes, rate lock (revised LE within 3 business days of lock), 10-business-day expiration; (e)(4) revised LE within 3 business days and received no later than 4 business days before consummation: https://www.ecfr.gov/current/title-12/chapter-X/part-1026/subpart-E/section-1026.19
4. 12 CFR 1026.37(f) and (l), Loan Estimate content (Origination Charges and points line; Services You Cannot Shop For; Comparisons: "In 5 Years," APR, TIP): https://www.ecfr.gov/current/title-12/chapter-X/part-1026/subpart-E/section-1026.37
5. CFPB, "How should I use lender credits and points (also called discount points)?" (1 point = 1% of loan; points on page 2, Section A; lender credits in Section J; compare shortest, longest, likeliest timeframes; ask each lender for the same points or credits; last reviewed Oct. 19, 2023): https://www.consumerfinance.gov/ask-cfpb/what-are-discount-points-and-lender-credits-and-how-do-they-work-en-136/
6. CFPB, "What's a lock-in or a rate lock on a mortgage?" (rates can change daily; 30, 45, or 60-day locks; lock status on page 1; locked rate can change if the appraisal, credit score, or verified income changes; last reviewed May 2, 2023): https://www.consumerfinance.gov/ask-cfpb/what-is-a-rate-lock-en-143/
7. 38 CFR 36.4313, VA charges and fees ((a) no charges other than those permitted; (d)(1) itemized fees the Veteran may pay; (d)(2) flat charge not exceeding 1% of the loan in lieu of other origination costs): https://www.ecfr.gov/current/title-38/chapter-I/part-36/subpart-B/section-36.4313
8. VA, "VA funding fee and loan closing costs" (funding fee rates effective April 7, 2023; 2.15% first use with less than 5% down; exemptions; only the funding fee can be financed on a purchase; page last updated Oct. 5, 2026): https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/
9. VA Home Loan Guaranty Buyer's Guide, April 2022 (closing costs include a 1 percent origination fee and discount points; discount points optional and may be paid by the seller or others; see Lenders Handbook Ch. 8): https://www.benefits.va.gov/HOMELOANS/documents/docs/VA_Buyers_Guide.pdf
10. VA Lenders Handbook (VA Pamphlet 26-7), Ch. 8, Borrower Fees and Charges and the VA Funding Fee. Official link https://www.benefits.va.gov/WARMS/pam26_7.asp redirected to VA's KnowVA portal on Oct. 7, 2026, so the chapter could not be read directly.
11. Dylan Hernandez, "What a 7% Rate Actually Costs a VA Buyer in Kaufman County," Oct. 5, 2026 (our VA payment breakdown; $357,525 loan math): https://www.dylanhernandezsellsdfw.com/blog/va-buyer-cost-7-percent-kaufman-county