How to Read a Lender Rate Sheet
Behind every quote is a document most borrowers never see: the lender's rate sheet. I read them for two decades. Once you know how one is built, a quote stops being a single number and becomes a set of choices — several of which are yours to make.
The base price grid
A rate sheet is a grid of rates and prices for a given day and loan program. Each rate has a price next to it, quoted around 100. A price of 100.000 is par — no points, no credit. Below 100 (say 99.250) means the borrower pays points to get that rate; above 100 (say 100.750) means the lender can credit money toward closing costs at a slightly higher rate. The whole "buy it down or take a credit" decision lives in this column.
The add-ons that make it your rate
The base grid is for a perfect file. Then come the loan-level price adjustments (LLPAs) — a stack of add-ons for credit score, LTV, loan purpose, property type, occupancy, even a cash-out refinance. Each shaves the price a bit. A 740 score at 80% LTV might price near par; a 680 at 90% can give back a full point or more. This is why the "advertised rate" and your rate differ — and why improving one input (a few points of score, a bit more down) can move real money.
Lock periods have a price
The sheet prices each lock window separately — a 15-day lock prices better than a 45-day lock, because the lender carries the risk for less time. If a quote sounds unusually sharp, check the lock period; a great rate you can't actually close inside the window isn't a great rate.
What to ask for
You're entitled to see the pieces. Ask any lender for: the note rate and the price at that rate, the itemized fees, and the lock period assumed. Those three turn a vague "about 6.5%" into something you can compare cleanly against another lender — and against a neutral reference like our par-based Index. A lender comfortable showing you the sheet is usually a good sign.
By L.W. Martin, Founder — 20 years in the mortgage business, including 15 running his own brokerage. About → · Updated August 2026.