A coach for the week you shop for a mortgage
Mistakes that cost shoppers the most
Coach's call
The costliest mistakes are comparing advertised rates instead of Loan Estimates, comparing quotes with different points or locks, spreading shopping over weeks, opening new credit mid-process, and waiting too long to lock relative to the closing date.
Last reviewed against the primary sources listed below.
Five to avoid
- Comparing ads rather than Loan Estimates.
- Different points or lock periods across quotes.
- Shopping over several weeks.
- New credit accounts during the process.
- Locking too late for your closing date.
Shoppers ask the coach
What do mortgage lenders look at when buying a house?
Credit, income, assets, debts and the property. Keeping these stable while you shop helps.
When should I lock my rate?
When you have chosen a lender and the lock period covers your expected closing, with some cushion.