Compare the full cost
Interest rate, fees, insurance, term and monthly payment all affect the real cost of a mortgage.
| Cost | When it arises | What to compare | Document to request |
|---|---|---|---|
| Down payment | Before the mortgage is finalized | Percentage, source of funds and remaining liquidity | Contribution breakdown |
| Appraisal | During approval | Price, validity period and authorized appraiser | Full appraisal and receipt |
| Notary, taxes and registration fees | Before signing the deed | Itemized charges and who pays each one | Notary estimate |
| Origination fee | When the loan is funded | Amount, percentage and effect on total annual cost | Binding loan offer |
| Insurance | In the monthly payment or annually | Coverage, deductible and premium adjustments | Policy summary and full terms |
Match the loan to your plan
Your income, down payment and timeline should guide the financing option you choose.
Compare offers using the same home and time horizon
Request the approved amount, rate, total annual cost, term, fees, appraisal, insurance, down payment and total cash needed to sign. Hold price and date constant. Separate prequalification from approval and confirm validity. An advertised payment may omit initial expenses or depend on assumptions your transaction does not meet.
Model total payments, the balance after five years, prepayment, lower income and an early sale. Read consequences of delay and insurance terms. Before reserving, document what happens if the loan or property is not approved. Verify current figures with the institution and seek financial advice for the specific case.
