Short Answer
Applying with multiple mortgage lenders is a smart strategy to find the best rate and terms. Submit applications within a short window, ideally 14 to 45 days, so credit scoring models treat them as a single inquiry. Compare Loan Estimates side by side, focusing on the interest rate, APR, closing costs, and loan terms. Choose the lender that offers the best combination of rate, costs, and service. You can switch lenders during the process but be mindful of potential delays.
Shopping multiple lenders is one of the most effective ways to save money on your mortgage. Studies consistently show that borrowers who get multiple quotes save thousands of dollars. To minimize the impact on your credit score, submit all applications within a 14 to 45 day window. FICO scoring models treat multiple mortgage inquiries within this period as a single inquiry. When you receive Loan Estimates from each lender, compare them line by line. Focus on the interest rate and APR, total closing costs, monthly payment amounts, and loan terms and conditions. Also consider the lender's reputation, responsiveness, and ability to close on time. The cheapest rate is not always the best if the lender cannot perform. You can switch lenders after getting pre-approved, but be aware that switching later in the process can delay your closing. If you switch, you may need a new appraisal and the underwriting process starts over. The best time to shop is early, before you have an accepted offer. Once you have a signed contract, choose the lender who offers the best combination of rate, cost, and reliability.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
I encourage every buyer to get at least three mortgage quotes. The savings can be substantial, and the process is easier than most people think. I can give you referrals to lenders I trust who will give you honest, competitive quotes. When you have them, I can help you compare the offers and choose the right one. A little effort upfront can save you tens of thousands of dollars over the life of your loan.
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