The same borrower asking for the same loan amount can get two very different rate quotes from two lenders. Borrowers who compare even a few quotes typically save thousands of dollars over the life of the loan.
Average savings over the life of the loan, per a common Freddie Mac finding.
It's one of the most confusing parts of getting a mortgage, and one of the most expensive to overlook. Rates vary for several reasons:
A common Freddie Mac finding: borrowers who get one additional quote save an average of $1,500 over the life of the loan, and borrowers who get five quotes save closer to $3,000.
The right rate isn't the one you're offered first. It's the one you find by comparing.
Put APR and closing costs next to each other, not only the headline rate, and the real differences between lenders come into view.
Inflation is one of the biggest drivers of mortgage rates. Learn how the connection works, and what it means for buyers and homeowners today.
Locking your mortgage rate protects you from rate increases, but timing matters. Learn when to lock, when to float, and what each strategy costs.
Self-employed borrowers face a different mortgage path. Learn what lenders look for, what documents you need, and how to strengthen your application.
A loan officer can line up Loan Estimates side by side and walk you through the APR and closing costs on each, not only the headline rate. Pre-qualifying will not affect your credit score.
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