How to Shop for a Mortgage

Shopping for a mortgage can be both exciting and confusing. On one hand, you’re probably excited about the idea of owning your own home.

On the other hand, there’s a lot of paperwork and jargon to wade through. Not to mention, there are a lot of different lenders out there vying for your business.

So how do you know where to start? Keep reading for some tips on how to shop for a mortgage.

Start by Getting Pre-qualified

The first step in shopping for a mortgage is to get pre-qualified. This means that you provide some basic information to a lender who will then give you an estimate of how much they’re willing to lend you.

Keep in mind that this is just an estimate and not a guarantee. It’s also important to note that getting pre-qualified does not require a credit check so it won’t impact your credit score.

Shop Around

Once you have an idea of how much you can borrow, it’s time to start shopping around. There are many different lenders out there, so it’s important to compare rates and terms before making a decision.

Pay attention to things like the interest rate, closing costs, and any other fees that may be associated with the loan.

Also, make sure to ask about any special programs that the lender offers such as first-time homebuyer programs or loans for low-income borrowers.

Get Pre-approved

After you’ve compared rates and terms from different lenders, it’s time to get pre-approved.

This process is similar to getting pre-qualified except that the lender will actually pull your credit report and verify your income and employment history.

Getting pre-approved is important because it gives you a better idea of what kind of loan you can qualify for as well as how much house you can afford.


Shopping for a mortgage can be both exciting and confounding. But by following these simple steps—getting pre-qualified, shopping around, and getting pre-approved—you can make the process less overwhelming and more streamlined.

So what are you waiting for? Start shopping for your dream home today!

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