Definition
The process of obtaining and comparing mortgage rate quotes from multiple lenders within a short timeframe.
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Rate shopping compares offers from multiple lenders to secure the best rate. Effective shopping requires obtaining quotes within 15 days (considered 'same shopping') to minimize credit impact. Shopping 5-10 lenders is typical. Savings from rate shopping often exceed $10,000.
Pro Tip
Shop rates strategically; obtain multiple quotes within 15 days to minimize credit score impact while shopping.
Example
Shopping 6 lenders within 14 days yields rates from 5.75%-6.50%; choosing lowest rate saves $50+ monthly vs. highest