Shop multiple lenders and compare Loan Estimates

Get Loan Estimates from at least 3-5 lenders within a 14-day window. Federal law requires lenders to provide a standardized Loan Estimate form, making it easy to compare rates, closing costs, and monthly payments side by side. Rate shopping within 14 days counts as a single credit inquiry.

Why It Works

Rates and fees vary significantly between lenders. Shopping around can save thousands over the life of the loan. The standardized Loan Estimate form ensures you are comparing apples to apples.

Tips

• Include your current lender, a credit union, an online lender, and a mortgage broker
• Focus on the total cost over 5 years (page 3 of the Loan Estimate), not just the interest rate
• Negotiate — lenders will often match or beat a competitor's offer if you show them the competing Loan Estimate