Comparing Loan Estimates: A Worksheet for Los Angeles and Las Vegas Buyers

A mortgage headline rate is easy to compare. Two complete loan offers take more care. For Los Angeles and Las Vegas buyers, a useful comparison starts with the same financing assumptions and a written list of unresolved questions—not a decision based on the smallest number in an advertisement.

The Consumer Financial Protection Bureau’s Loan Estimate explainer walks through the form and encourages requesting estimates from multiple lenders. Use that official guide alongside the worksheet below. OYT can help coordinate property and transaction questions; the lender should explain the financing terms it is offering.

Give each estimate its own column

Label the columns with lender, issue date and the property being financed. Record the proposed loan amount, down payment assumption, term and whether the interest rate is fixed or adjustable. If the offers use different assumptions, ask for a comparable alternative before deciding that one lender is cheaper.

Add a “needs confirmation” row. Put unanswered questions there immediately instead of letting a blank cell look like a zero-dollar charge. A comparison is only useful when you can distinguish confirmed terms from missing information.

Build three separate cost rows

The CFPB distinguishes principal and interest from a broader monthly payment, and cash to close from the interest rate. In your worksheet, keep three headings: monthly housing costs, upfront cash and loan terms. Mixing them into one affordability number makes it harder to see what you are trading.

Under monthly costs, note the lender’s projected payment and ask which ownership expenses are outside it. Under upfront cash, record the estimate and the assumptions behind it. Under loan terms, record the rate-lock information and any features the lender needs to explain. Do not assume a lower initial payment settles the whole comparison.

Ask the lender to explain the trade-offs

Points and lender credits deserve a separate conversation. The CFPB explains that points can exchange upfront cost for a lower rate, while lender credits may offset closing costs in exchange for a higher rate. Request the lender’s own comparable options and a written explanation; do not treat a credit as free money.

Ask how a different upfront choice changes the payment and the cost of keeping the loan for the period you expect. Avoid making a long-term decision from a hypothetical refinance. Your worksheet should still make sense if you keep the loan longer than originally planned.

Make the next conversation specific

• Are these offers based on the same property, loan amount, term and down payment?
• Which figures are estimates that still need property-specific confirmation?
• What is locked, what is not, and when does the lock expire?
• How would the offer change without points or lender credits?
• Which costs will I pay separately from the stated monthly payment?
• What information is still needed before the lender can finalize its decision?

Send the questions in one organized message and save the answers with the correct version of the estimate. If an updated form arrives, keep the older one in an archive folder rather than continuing to compare figures from different versions without noticing.

Bring the comparison back to your home search

Use the clarified figures to discuss a workable purchase range and transaction schedule with your team. Keep sensitive financial documents in the lender’s approved secure channel; your agent does not need account passwords or verification codes to help with a property search.

For related transaction planning, read OYT’s closing-cost overview or start with the buyer guide. Ask your lender to confirm the terms applicable to your own application.

Photo: Pixabay / Pexels, CC0. Illustrative financial paperwork; not an OYT mortgage offer, client record or Loan Estimate. Photo source · License.