Should You Apply to Multiple Mortgage Lenders?

Applying to multiple mortgage lenders can help you secure the best deal by comparing rates and fees. Shutterstock

Buying a house is probably the biggest purchase you’ll ever make. Because it’s such a big purchase, you want to keep the payment down to a minimum. One way people do this is by comparing rates and fees with multiple mortgage lenders.

But is this wise? Receiving various rates can help you keep costs down. But does applying to multiple mortgage lenders hurt you? There’s some gray area to that question.

Why Should You Apply to Multiple Mortgage Lenders

You won’t know if you have the best deal if you haven’t seen other offers. And although laws limit how much profit a mortgage company can make, even half a point could be thousands of dollars in savings.