Why it matters
It tells you your real budget and shows sellers you are serious. Comparing several lenders can save a lot over the life of the loan.
What to do
- Apply with at least three lenders, such as a bank, a credit union and a mortgage broker, within a short period.
- Compare the official Loan Estimates line by line: rate, points, lender fees.
- Ask about rate locks: how long, and what it costs to extend.
- Keep your finances stable until closing: no new debt, no job changes if you can avoid them.
Checklist
Ticks are saved on this device.
Common mistakes
- Getting only one quote.
- Confusing a prequalification (a quick estimate) with a preapproval (documents checked).
General information, not financial or legal advice. Rules vary by state; confirm with your lender, agent or attorney.
Frequently asked questions
Does getting preapproved by several lenders hurt my credit?
Credit scoring models treat several mortgage inquiries within a short window as a single inquiry, so shopping around within a few weeks has little effect.
Tips from travellers
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Questions from readers
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