Get Loan Estimates from at least three lenders on the same day, for the same loan type, amount and lock period, and compare the rate together with the points and lender fees in Section A. Several mortgage credit checks within a short window count as one inquiry, so shopping won’t hurt your score much, and it can save thousands of dollars.
Why shopping pays
Rates and fees for the same borrower can differ meaningfully from lender to lender on the same day. On a $350,000 loan, a quarter-point lower rate saves about $58 a month, roughly $20,000 over 30 years, and fee differences of $1,000 to $3,000 are common.
Who to ask
- Banks and credit unions, especially where you already bank.
- Online lenders.
- Mortgage brokers, who compare several wholesale lenders for you.
- State housing finance agency lenders if you’re using down payment assistance.
Compare Loan Estimates, not advertised rates
After you apply, each lender must send a standard three-page Loan Estimate within three business days. Because the format is the same, they’re easy to compare:
- Page 1: rate, monthly payment, whether the rate is locked, and estimated cash to close.
- Page 2, Section A: origination charges and points: the lender’s own price.
- Sections B and C: third-party services; C lists ones you can shop for.
- Page 3: the APR and the total you’ll pay in five years, useful for comparing.
Make the comparison fair
- Request estimates on the same day; rates change daily.
- Use the same loan type, term, amount and down payment.
- Ask for the same lock period, often 30 to 45 days.
- Compare at the same number of points, or use the break-even to compare different ones; see the rate buydown break-even tool.
Know your starting point
Before you call lenders, get a sense of your likely rate with the mortgage rate estimator and see how your credit score affects it with the credit score cost calculator.
Negotiate
Lenders often match or beat a competitor’s Loan Estimate, especially on fees. Show the better offer and ask. Also ask about relationship discounts and lender credits.
Lock your rate
Once you’re under contract, lock your rate for long enough to close. Ask about float-down options and the cost of extending a lock if closing is delayed. See how much your payment moves with the rate using the rate sensitivity tool.
Common questions
How many lenders should I get quotes from?
At least three, on the same day, for the same loan type, amount and lock period.
Will applying with several lenders hurt my credit?
Mortgage credit checks within a short window, usually 14 to 45 days, count as one inquiry.
Should I compare rates or APR?
Compare both, plus Section A fees. APR includes some costs, and the five-year total on page 3 of the Loan Estimate helps if you won’t keep the loan long.
Updated October 2026. Educational content. OfferBacked is not currently a lender and doesn’t issue pre-approvals or loans.