How to Shop for and Compare Mortgage Offers

The difference between a mortgage rate of 5.75 percent and 6.75 percent on a $350,000 loan would save you over $80,000 over a standard 30-year loan term.

Determine which type of mortgage you want and request at least three quotes from different lenders to spot potential savings and negotiate better terms. Dreamstime/TNS

By Andrew Dehan Bankrate.com

Because a mortgage is one of the most substantial financial commitments you’ll make in a lifetime, it’s important to shop around and compare mortgage offers. For example, the difference between a mortgage rate of 5.75 percent and 6.75 percent on a $350,000 loan would save you about $200 on your monthly payments and over $80,000 over a standard 30-year loan term.