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Shopping around for a mortgage takes time and energy. But it can
save you thousands of dollars. Make it your goal to compare at least three loan offers from different lenders.
Get at least three preapprovals
The Internet and newspapers are a good place to start your search. Contact banks, credit unions, mortgage lenders, and mortgage brokers.
Ask at least three different lenders for “preapproval.” This means that the lender looks at your finances and estimates how much you can borrow and what interest you’ll likely pay. Preapproval lets you try out each lender to see what kind of loans and prices it offers. When you get all three preapprovals within 45 days, there should
be no major impact on your credit score.
You’ll come back to these lenders when you’ve made some decisions, and ask them for loan offers.
