The Process
How do I shop for and compare mortgage lenders?
Updated Jul 1, 2026
The short answer
To shop effectively, get Loan Estimates from multiple lenders for the same loan type, amount, and term, ideally within a short window so rate quotes are comparable. Because the Loan Estimate is standardized, you can compare the rate, APR, monthly payment, and each fee side by side. Applying with several lenders in a short period generally counts as a single credit inquiry for scoring purposes.
Key points
- Request Loan Estimates for identical loan scenarios.
- Compare rate, APR, and fees line by line.
- Shop within a short window for comparable quotes.
- Rate-shopping inquiries are typically bundled for credit scoring.
Use benchmarks to judge a quote
A quote in isolation is hard to evaluate. CandidCost shows the current national benchmark rate and the state-level distribution of fees so you can tell whether an offer is competitive.
Put this to work
Sources
Every claim above traces to a public government source.