1. Understand Your Mortgage Needs Before comparing lenders, identify what kind of loan suits your situation. Are you a first-time buyer, refinancing your current home, or purchasing an investment property? Your goals will determine whether you need a conventional, FHA, VA, or adjustable-rate mortgage. 2. Compare Interest Rates and Fees Interest rates vary between lenders — even a small difference can save (or cost) thousands over the life of your loan.