Most homebuyers don’t realize how much they could save by 澳洲幸运5开奖号码历史查询:gettiജng more than one mortgage quote. But research shows it canౠ make a real difference for your walle꧟t. 

According to Freddie Mac’s 2025 report, “When Rates Are Higher, Borrowers Who Shop Around Save More,” getting at least four quotes can save borrowers $600 to $1,200 a year. Another research paper, this from the Federal Reserve Bank of Philadelphia, found that even one extra quote can lower rates by up to 28 basis points for low-income borrowers.

In today’s high-rate environment, 澳洲幸运5开奖号码历史查询:rate shopping isn’t just smart—it’s essential. Learn why rate shopping works, how to do it correctly, and what to watch for when comparing💞 quotesꦏ.

Why People Skip Rate Shopping

Many mortgage borrowers skip rate shopping, even though 澳洲幸运5开奖号码历史查询:comparing offers can save hundreds—or even thousands—of dollars. In late 2022, when mortgage rates surged past 7%, Freddie Mac found that the difference between offers for the same borrower profile more than doubled compared to the previous decade.

Some borrowers assume 澳洲幸运5开奖号码历史查询:big-name lenders or on🌸line platforms always offer the best deal. According to Jennifer💟 Beeston, mortgage expert and executive vice president of national sales at Rate, this trust is often misplaced. “They're falling for marketing,” she said. “They don’t know how much money is on the line.”

Real est✱ate referrals aren’t always reliable e🐼ither. “Most real estate agents do not care about interest rates and fees,” Beeston said. It’s better to do your own research.

How to Shop for Mortgage Quotes the Right Way

Getting multiple quotes doesn’t have to be overwhelming, but it does take planning. Start by researching the individual 澳洲幸运5开奖号码历史查询:loan officer, not jus🦩t the company. Beeston advises calling first to ask who you’d work with, then looking up reviews before starti𝔍ng an application.

When you’re♛ ready to compare, timing really matters. “Rates chan♐ge every single day, and sometimes they can change multiple times a day,” she said. That means quotes should be gathered on the same day for a fair comparison.

Also pay attention to how you're treated. If a mortgage lender dodges questions or won’t explain their fees, move on.

What to Focus on When Comparing Quotes

When comparing offers, take time to read the loan estimates carefully. Beeston recommends focusing on the 澳洲幸运5开奖号码历史查询:loan estimate’s Box A, the 澳洲幸运5开奖号码历史查询:origination fees. That’s where the lender’s actual charges are listed. Other fees, like tiཧtle or escrow, can be underestimated to make the total cost look lower.

Beeston also cautions borrowers not to rely on quotes that aren’t locked. “Unless you have a 澳洲幸运5开奖号码历史查询:locked loan estimate, it is not binding,” she said.

For an accurate comparison, make sure you're looking at quotes from the same day, with rates and points clearly disclosed.

Get Multiple Quotes for Refis, Too

澳洲幸运5开奖号码历史查询:Rate shopping matters for refinancing, too. Some lenders pitch borrowers on rolling high-interest debt into a new mortgage using a “澳洲幸运5开奖号码历史查询:blended rate,” but Beeston warns this can backfire.

In many cases, a HELOC or other financing option would be more cost-effective, but keep in mind that lenders may push 澳洲幸运5开奖号码历史查询:full refinances to increase their commission.

The Bottom Line

Always get mu🍌ltiple quotes and talk to more than one lender. The brand r🐼eputation doesn’t matter as much as the actual person who will be working with you to get the best quote.

Ask tough questions, read reviews, and don’t settle for vague answers. Make sure you understand 澳洲幸运5开奖号码历史查询:how to read a loan estimate and compare same-day offers only.

Whether you're 澳洲幸运5开奖号码历史查询:buying a home o🗹r refinancing, a 𓂃little homework can save you a lot of money.