Mortgage Guides
How Mortgage Rates, Fees & Quotes Work (and How to Compare Offers)
Brown – A Legacy of Home Lending does not post a daily rate table, because mortgage rates are personalized and can change daily. Instead, you get a personalized quote from a licensed advisor and, once you apply, a written Loan Estimate that itemizes every rate term and fee so you can compare it with any lender's offer.
At a glance: how Brown quotes rates and fees
- Brown – A Legacy of Home Lending does not publish a daily rate table. Rates are priced to each borrower and move with the market, so a posted rate would rarely be your rate.
- For a personalized quote, call 618-323-3508 or start a free, no-obligation pre-approval. After you apply, you receive a written Loan Estimate within 3 business days.
- Your rate depends on factors such as credit, down payment, loan amount and type, term, how you will use the home, and whether you pay points or take lender credits.
- Federal rules limit how much many closing costs can rise between the Loan Estimate and closing, unless there is a valid change in circumstances.
- The free calculators at brown-team.com/tools give estimates, not quotes, with no sign-up or credit check.
Does Brown publish a mortgage rate table?
No. Brown – A Legacy of Home Lending does not post a daily rate table, because mortgage rates are personalized and can change daily or even during the day. A posted rate assumes a credit score, down payment, loan amount, and points that may not match you. Instead, you get a personalized quote and a written, itemized Loan Estimate.
Two neighbors buying identical homes in Edwardsville on the same day can be offered different rates because their credit, down payment, and loan program differ. The real transparency comes from the Loan Estimate, a standard three-page federal form, so you can line up Brown's offer next to any other lender's, line by line.
How do I get a personalized rate quote from Brown?
Call Brown – A Legacy of Home Lending at 618-323-3508 or start a free pre-approval online, which takes about 12 minutes to begin. A licensed advisor reviews your situation and prices your loan. Once you submit an application, you receive a written Loan Estimate within 3 business days. There is no cost and no obligation to start.
Under federal rules, your application is complete once you provide six items: your name, income, Social Security number, property address, estimated property value, and desired loan amount.
Call an advisor
Office hours are Monday–Friday, 8:30 AM–5:30 PM.
Extended Lending Support is available 7 days a week, 8:00 AM–9:00 PM.
Call 618-323-3508 →Start a free pre-approval
About 12 minutes to start, free, and no obligation. Your advisor reviews your credit, income, and assets.
Get pre-approved →Run estimates on your own
Free affordability, rent vs. buy, and refinance savings calculators. No sign-up and no credit check. Results are estimates, not quotes.
Open the calculators →Brown does not offer an instant online rate quote. Any rate shown before a lender reviews your credit, income, and property is an assumption.
What determines my mortgage interest rate?
Your rate starts with the market and is then priced to your file. According to the Consumer Financial Protection Bureau, key factors include your credit score, home location, home price and loan amount, down payment, loan term, fixed or adjustable rate, and loan type. Points, lender credits, and your lock period also change the price.
Credit score
Higher scores generally qualify for lower rates. Check your credit reports early and dispute any errors.
Down payment and loan amount
A larger down payment usually means a lower rate. Very small or very large loans can carry higher rates.
Loan type
Conventional, FHA, VA, USDA, and Jumbo loans have different rules, and rates can differ significantly among them.
Term and rate type
Shorter terms usually carry lower rates but higher payments. Adjustable rates may start lower than fixed but can rise later.
How you will use the home
Pricing can differ for a primary residence, a second home, and an investment property.
Points, credits, and lock period
Points lower the rate for an upfront cost, credits raise it to reduce closing costs, and different lock periods can be priced differently.
What are mortgage points and lender credits?
One discount point equals 1% of your loan amount, paid at closing to lower your interest rate. A lender credit works in reverse: you accept a higher rate and the lender covers part of your closing costs. How much one point lowers the rate varies by lender, loan type, and market conditions, so always ask for the exact trade-off.
On a $300,000 loan, one point costs $3,000. The CFPB notes that lender credits are sometimes called "negative points." Points appear in Section A of the Loan Estimate; lender credits appear as a negative number in Section J.
Whether points make sense depends on how long you keep the loan. Divide the cost of the points by the monthly savings to estimate your break-even month; if you may sell or refinance before then, skip the points or consider lender credits. The CFPB suggests comparing options with and without points over the shortest, longest, and most likely time you will keep the loan.
What is the difference between a temporary and a permanent buydown?
A permanent buydown uses discount points to lower your rate for the life of the loan. A temporary buydown uses funds set aside at closing, often from a seller, to reduce your rate and payment for only the first one to three years. Brown – A Legacy of Home Lending offers Temporary Buydowns, subject to program guidelines and approval.
| Permanent buydown (points) | Temporary buydown | |
|---|---|---|
| How long the lower rate lasts | The full loan term | The first years only; Fannie Mae caps the period at 3 years |
| Who usually pays | Usually the borrower at closing, though a seller credit may help where allowed | Often a seller or builder concession, within program limits |
| How you qualify | At the note rate, which is the lower, bought-down rate | At the full note rate (Fannie Mae requirement) |
For conventional loans sold to Fannie Mae, a temporary buydown can lower the rate by no more than 3 percentage points, the rate can rise no more than 1 point per year, and buydowns are not allowed on investment properties or cash-out refinances. In a common "2-1 buydown," the rate is 2 points below the note rate in year one, 1 point below in year two, then at the full rate. Other programs have their own rules. See Temporary Buydowns on our Loan Options page.
How does a mortgage rate lock work?
A rate lock keeps your interest rate from changing between the offer and closing, as long as you close within the lock period and nothing changes in your application. Until you lock, your rate is floating and can change daily. Locks commonly run 30, 45, or 60 days, and a longer or shorter lock may be priced differently.
Page 1 of your Loan Estimate shows whether your rate is locked and, if so, until what date and time. Some lenders lock as part of issuing the Loan Estimate and some do not, so always confirm. Even a locked rate can change if your loan type or down payment changes, the appraisal surprises, your credit changes, or income cannot be documented.
Before you lock, ask whether the lock covers your expected closing date, what an extension costs, and what happens if rates fall afterward. Brown's loan programs also include a Secure Lock Program and a Seller PreLock Program; ask your advisor whether either fits your purchase.
What fees are on a Loan Estimate, section by section?
Page 2 of the Loan Estimate groups every estimated closing cost into lettered sections. Sections A through C are loan costs, totaled in D. Sections E through H are other costs, totaled in I. Section J adds D and I and subtracts any lender credits. Brown sends yours within 3 business days of your application.
| Section | What it means |
|---|---|
| A. Origination Charges | The lender's own fees to make the loan, such as application, origination, processing, and underwriting fees, plus any discount points. The clearest place to compare lender pricing. |
| B. Services You Cannot Shop For | Required third-party services the lender selects, such as the appraisal, credit report, and flood determination. |
| C. Services You Can Shop For | Required services you may choose yourself, such as title services, settlement agent, survey, or pest inspection. |
| D. Total Loan Costs | A + B + C. |
| E. Taxes and Other Government Fees | Recording fees and any transfer taxes. |
| F. Prepaids | Costs paid in advance, such as the homeowner's insurance premium, prepaid interest, mortgage insurance premium, and property taxes. |
| G. Initial Escrow Payment at Closing | The opening deposit into your escrow account for future property tax, insurance, and mortgage insurance bills. |
| H. Other | Other costs tied to the transaction, such as an optional owner's title policy or real estate broker fees. |
| I. Total Other Costs | E + F + G + H. |
| J. Total Closing Costs | D + I, minus lender credits (shown as a negative number). |
| Calculating Cash to Close | Total closing costs, adjusted for closing costs financed, down payment, deposit, seller credits, and other credits, to reach the estimated amount you bring to closing. |
Page 1 also shows when your rate lock and estimated closing costs expire. The CFPB advises focusing your comparison on the costs a lender controls, especially Sections A and B, because taxes, insurance, and escrow in Sections E, F, and G are set by governments and insurers. If those numbers differ a lot between lenders, ask why.
Which closing costs can change after the Loan Estimate?
Federal rules sort closing costs into three groups. Some cannot increase at all, some can rise by up to 10% in total, and some can change by any amount. A lender can go beyond these limits only after a valid change in circumstances. If costs exceed the limits without one, you are entitled to a refund of the excess.
| How much it can change | Which costs |
|---|---|
| Cannot increase | Fees paid to the lender, a mortgage broker, or their affiliates; fees for required services you were not allowed to shop for; transfer taxes. |
| Can rise up to 10% in total | Recording fees, and required third-party services where you chose a provider from the lender's written list (unless that provider is affiliated with the lender, in which case the fee cannot increase). |
| Can change by any amount | Prepaid interest, property insurance premiums, initial escrow deposits, services the lender does not require, and required services where you picked a provider not on the lender's list. |
Changes in circumstances include a new loan type or down payment, an unexpected appraisal, a credit change, or unverifiable income. You will usually receive a revised Loan Estimate, and your Closing Disclosure arrives at least 3 business days before closing so you can compare it with your Loan Estimate.
What is the difference between APR and interest rate?
The interest rate is the yearly cost of borrowing the loan amount, and it sets your monthly principal and interest payment. The APR, or annual percentage rate, is a broader measure that adds points, broker fees, and certain other charges you pay to get the loan, expressed as a yearly rate. APR is usually higher than the interest rate.
On the Loan Estimate, the interest rate is on page 1 under Loan Terms, and the APR is on page 3 under Comparisons. A wide gap between the two signals higher upfront costs. Page 3 also shows the Total Interest Percentage (TIP), the total interest you would pay over the loan term as a percentage of the loan amount.
APR has limits: it does not reflect the maximum rate an adjustable-rate loan could reach, so comparing fixed and adjustable APRs can mislead. The CFPB also recommends the "In 5 Years" figure on page 3, which shows your principal, interest, mortgage insurance, and loan costs over the first five years.
Why can a "lowest advertised rate" be misleading?
An advertised rate is a sample, not an offer. It may assume strong credit, a large down payment, a primary residence, or discount points paid up front. If your situation differs, your rate will differ too. Brown – A Legacy of Home Lending does not advertise a lowest rate, because no lender can honestly promise one to every borrower.
When you see a rate in an ad, look for the APR, which federal law requires alongside an advertised rate, and read the fine print for points and the date. The Federal Trade Commission warns about offers that lower the rate while adding points. Be careful with "no closing cost" offers as well; the CFPB notes the catch is usually a higher rate and higher monthly payments. The only fair comparison is written Loan Estimates for the same loan, issued on or near the same day.
Will shopping several mortgage lenders hurt my credit score?
Usually only a little, if you keep your shopping in a short window. FICO's newer score versions treat multiple mortgage inquiries within 45 days as a single inquiry, while older versions use a 14-day window. FICO scores also ignore mortgage-shopping inquiries less than 30 days old. To be safe, request your Loan Estimates within about two weeks.
Shopping is worth it: the CFPB notes that even a fraction of a percent on your rate can save thousands of dollars over the life of a loan, and competing Loan Estimates are usually your best bargaining chip.
How do I compare two Loan Estimates? A 7-step checklist
Get written Loan Estimates from two or three lenders on or near the same day, for the same loan type, term, and amount. Then compare rate and points together, the lender-controlled fees in Sections A and B, total closing costs, cash to close, and the five-year cost and APR on page 3. Ask about anything that does not match.
Step 1
Confirm both quotes are for the same loan
Match the program, term, loan amount, down payment, and rate type, and note each estimate's issue date.
Step 2
Read the Loan Terms and lock status on page 1
Compare the rate, monthly principal and interest, and any prepayment penalty or balloon payment, and whether each rate is locked.
Step 3
Compare rate and points together
A lower rate bought with points is cheaper only if you keep the loan past the break-even point. Ask each lender to quote the same points or credits.
Step 4
Compare Sections A and B
Origination charges and lender-selected services are the costs a lender controls, and where pricing differs most.
Step 5
Set aside costs lenders do not control
Taxes, insurance, and escrow in Sections E, F, and G should be similar for the same home. If they differ a lot, ask why before you decide.
Step 6
Compare Section J and cash to close
Check total closing costs after lender credits and the Estimated Cash to Close, so you know what each offer requires at the closing table.
Step 7
Use page 3, then ask questions
Subtract the principal paid from the "In 5 Years" total to find your five-year cost, review the APR, then ask about any unclear fee before choosing.
How does Brown handle quotes, fees, and closing?
At Brown – A Legacy of Home Lending, one advisor works with you from start to finish. You get a written Loan Estimate within 3 business days of your application and a Closing Disclosure at least 3 business days before closing. Most purchase loans close in 30–45 days from accepted contract, subject to approval.
What you can expect
- A free, no-obligation pre-approval that takes about 12 minutes to start.
- One advisor on your file from first call to closing.
- About 45–60 minutes for the signing itself.
What we will not do
- Quote a rate before reviewing your credit, income, assets, and property.
- Claim to have the lowest rate.
- Charge you to get pre-approved.
- Promise approval; all loans are subject to credit approval and underwriting.
Help in Spanish
Cinthia Martinez Arellano, Loan Assistant, is bilingual and supports Spanish-speaking borrowers throughout the process. Sí, hablamos español. Call 618-323-3508 and ask for Cinthia.
Meet the Brown team →Brown serves borrowers from offices in Edwardsville, IL, Oakbrook Terrace, IL, and Lake Geneva, WI.
FAQ
Mortgage rates, fees, and quotes: frequently asked questions
Does Brown list its mortgage rates or fees on its website?
No. Brown – A Legacy of Home Lending does not publish a daily rate table, because rates are personalized and can change daily. Call 618-323-3508 or start a free pre-approval for a personalized quote, and after you apply you receive a written Loan Estimate itemizing every fee.
Does Brown offer the lowest mortgage rates?
No lender can honestly promise the lowest rate to every borrower, and Brown does not make that claim. Your rate depends on your credit, down payment, loan type, and the day you lock. The fair test is to compare written Loan Estimates from several lenders for the same loan on or near the same day.
Does Brown have an online quote tool?
Brown offers free calculators at brown-team.com/tools for affordability, rent vs. buy, and refinance savings, with no sign-up or credit check. They give estimates, not quotes. For a personalized quote, start a free pre-approval online or call 618-323-3508.
How soon will I get a Loan Estimate?
Within 3 business days of your application. An application is complete once you provide your name, income, Social Security number, property address, estimated property value, and desired loan amount. The Loan Estimate is a standard federal form, so you can compare it with other lenders' offers.
Is it free to get a quote from Brown?
Yes. Pre-approval is free with no obligation and takes about 12 minutes to start. Loan costs such as the appraisal, title services, and origination charges are itemized on your Loan Estimate so you can review them before you decide to proceed.
What is the difference between APR and interest rate?
The interest rate is the yearly cost of borrowing and sets your principal and interest payment. The APR is a broader measure that adds points, broker fees, and certain other loan charges, expressed as a yearly rate. Look at both, plus the five-year cost on page 3 of the Loan Estimate.
When should I lock my mortgage rate?
Many buyers lock once they have a signed purchase contract and a target closing date, choosing a lock period long enough to cover it. A locked rate holds if you close before the lock expires and your application does not change. Ask what an extension would cost.
Can my closing costs change after the Loan Estimate?
Some can, within federal limits. Lender fees and transfer taxes generally cannot increase, some third-party fees can rise up to 10% in total, and items like prepaid interest, insurance, and escrow can change. Larger changes require a valid change in circumstances, and you receive your Closing Disclosure at least 3 business days before closing.
Will getting quotes from multiple lenders hurt my credit?
Usually only slightly. Newer FICO score versions count multiple mortgage inquiries within 45 days as one inquiry, and older versions use a 14-day window. Keeping your rate shopping within about two weeks is the safest approach.
Is a temporary buydown the same as a lower rate?
No. A temporary buydown lowers your rate and payment only for the first years, then the payment rises to the full note rate. For conventional loans, Fannie Mae requires lenders to qualify you at the full note rate. A permanent buydown with discount points lowers the rate for the life of the loan.
Can I get help with my quote in Spanish?
Yes. Cinthia Martinez Arellano, Loan Assistant at Brown – A Legacy of Home Lending, is bilingual and supports Spanish-speaking borrowers. Call 618-323-3508 and ask for Cinthia.
Sources
General mortgage facts in this guide were checked against these official sources in November 2026:
- Loan Estimate explainer – Consumer Financial Protection Bureau
- Can my final mortgage costs increase from what was on my Loan Estimate? – CFPB
- How should I use lender credits and points? – CFPB
- What is the difference between a mortgage interest rate and an APR? – CFPB
- What's a lock-in or a rate lock on a mortgage? – CFPB
- Compare and negotiate your loan offers – CFPB
- B2-1.4-04, Temporary Interest Rate Buydowns – Fannie Mae Selling Guide
- How to Rate Shop and Minimize the Impact to Your FICO Scores – myFICO
Related guides
First-Time Home Buyer Guide (Edwardsville & Metro East)
Down payment options, credit basics, and each step from pre-approval to closing.
Read the guide →Mortgage Application Checklist for First-Time Buyers
The documents and numbers to gather before you apply.
Read the guide →Move-Up Buyer Guide: Selling and Buying at the Same Time
Timing, contingent offers, and planning your cash to close.
Read the guide →Refinancing Near or In Retirement
The questions to weigh before refinancing later in life.
Read the guide →Get a real number, in writing
A Brown advisor will give you a personalized quote and, once you apply, a written Loan Estimate that explains every fee, with no pressure and no obligation.
Office hours: Monday–Friday 8:30 AM–5:30 PM; Saturday & Sunday closed.
Extended Lending Support: 7 days a week, 8:00 AM–9:00 PM.
Brown – A Legacy of Home Lending is a team of Preferred Rate, a Division of American Pacific Mortgage Corporation, NMLS #1850. Licensed in IL, IN, MO, WI, and FL. Equal Housing Opportunity. This information is for educational purposes only and is not a commitment to lend. All loans are subject to credit approval, underwriting, and property eligibility. Rates, terms, and programs are subject to change without notice. Licensing details.
This page does not quote or advertise any specific rate, APR, or fee. Dollar figures above are arithmetic examples only. Calculator results at brown-team.com/tools are estimates and are not a quote, commitment to lend, or offer of credit.