I only want to talk about the interest rate
Stay focused on rate comparisons when mortgage shopping. Handle lender attempts to distract with total cost discussions.
What You'll Learn in This Chapter
- Why lenders redirect from rate comparisons to total cost discussions when their rates are uncompetitive
- How to compare both rates and total costs using standardized Loan Estimates
- Scripts to get clear rate quotes while also considering total loan costs
You ask a lender for their interest rate, and the lender responds: "The interest rate is just one part of your total loan cost. You also need to consider closing costs, fees, and other expenses. Let me show you how this all works together."
But, here's what's really happening...
"Rate Isn't the Whole Picture" is a distraction technique used when a lender's rate isn't competitive. The loan officer's process is to redirect the conversation from simple rate comparison to complex total-cost analysis, knowing that most borrowers will find the complexity overwhelming and lose track of the fact that the lender's rate is higher than competitors.
As a shopper, your counter-process is to compare BOTH rates AND total costs using standardized Loan Estimates. Yes, total cost matters—but lenders who emphasize this when you ask about rates are often doing so because their rate is uncompetitive. When lenders resist simple rate comparison, they're revealing they don't want you to see how their rate stacks up.
Now that you understand the tactic, let's look at how most people fall into the trap.
➡ How People Get Trapped
Most people respond with:
You're right, I should look at the total cost, not just the rate.
Don't do that.
When you accept a lender's redirection from rates to complex cost analysis, you've made comparison shopping harder. The truth is you SHOULD compare both—but lenders who refuse to quote rates clearly are usually hiding an uncompetitive number. Loan Estimates show both rate AND total costs, making it easy to compare apples to apples. By letting a lender avoid the rate discussion, you're helping them hide their weakness.
Compare rates first, then total costs.
➡ What You Should Say Instead
I understand that total cost is important, and I want to compare that too. Can you provide me with a written Loan Estimate that shows the interest rate, monthly payment, and all closing costs so I can compare the total cost with other lenders?
Here's why this is the right approach:
- Acknowledges that total cost matters without abandoning rate comparison
- Demands written documentation that shows BOTH rate and total costs
- Recognizes that Loan Estimates make it easy to compare both metrics simultaneously
- Refuses to let the lender avoid providing a clear rate quote
The script insists on transparency about both rate and total costs—not one or the other.
➡ See The Mortgage Script in Action
➡ Key Takeaway
Rate matters AND total cost matters. Lenders who resist rate comparison usually have uncompetitive rates. Demand written Loan Estimates that show both, and compare across all lenders.
Related Mortgage Resources
Mortgage Calculator
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LLPA Calculator
See how credit score and other factors affect your rate on conventional loans.
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