The part people miss is that the gap gets even wider once you factor in the fees nobody quotes you up front. One of the lenders I called had a "doc prep" fee of $1,200 and a $500 processing fee tacked on at closing, and another wanted a 2% exit fee when I sold the place. So that 10.5% rate can turn into 13% real quick once all the junk charges land. Ask every single one for a full fee sheet in writing before you compare rates, otherwise you are just guessing. Two loans can look the same on the rate and be thousands apart by closing day.