A coach for the week you shop for a mortgage
Day 1: same day, same terms
Coach's call
Mortgage pricing moves daily, sometimes during the day, so quotes taken on different days are not comparable. Ask every lender on the same day for a Loan Estimate on the same program, amount, term, lock length and points choice. Then any difference reflects the lender, not the market.
Last reviewed against the primary sources listed below.
A short script
- I am shopping today and requesting Loan Estimates from several lenders.
- Please price this program, amount and term.
- Use this lock length and no discount points, or this many.
- Please send the Loan Estimate by tomorrow.
Log what you get
Note the time each estimate was issued and whether the rate is locked. The rate lock page explains locks.
Shoppers ask the coach
How do you shop around for the best mortgage?
Request Loan Estimates from several lenders on the same day for the same loan, lock and points, then compare section A and total costs.
How do I compare lenders the same day?
Give every lender identical loan details in the morning and ask for estimates by the next day.