Comparing a new home mortgage may not be as simple as it seems. For example, if you gather quotes for home mortgages over a period of two or three days, there's a good chance that your comparison is not accurate.

Get the latest quotes

1. Home mortgage rates tend to change on a routine and almost on daily basis, and sometimes even multiple times per day depending on current economic factors. In order to get an accurate comparison, it is recommended to get quotes on the same day.

2. Various home mortgage lender's interest rates have pricing based on the lock periods, which are offered in various increments such as 10, 15, 30, or 60 days. Longer lock periods usually have higher mortgage loan rates. Try to compare rates for similar lock increments.

3. Tiered pricing for a home mortgage allows the lenders to offer the option of buying the mortgage rate up or down. Increasing the rate decreases the loan points, and reducing the rate increases the loan points.

4. Having lenders quote the points separate from the other fees for a home mortgage can make it easier to compare mortgage rates, points, and fees. (Note: Taxes, insurance, and pre-paid interest are not mortgage fees)

5. Since home mortgage rates are usually based on credit scores, lenders may want to run your credit, unless you have the information, or you could have lenders quote rates using an estimated score, to avoid multiple credit inquiries.