Mortgage Comparison Checklist — How to Shop Lenders in 2026

Credit scores vary by bureau. Lenders use middle score, and even 20 points can affect your rate.

Complete documentation speeds up the process and gets you accurate rate quotes.

DTI affects loan approval and rates. Knowing yours helps set realistic expectations.

Include taxes, insurance, PMI, and HOA fees - not just principal and interest.

Understanding rate environment helps you time your application and lock strategically.

Each program has different requirements, rates, and benefits that might save money.

Rates and fees vary significantly. Shopping can save $1,000-3,000 over loan life.

Rates change daily. Getting quotes within 2-3 days ensures fair comparison.

APR includes fees and gives true cost comparison between lenders.

Origination fees, points, and junk fees can add thousands to your loan cost.

Loan servicer affects your experience for 15-30 years of payments.

Poor service during buying process often means poor service throughout loan.

Unlicensed or problematic lenders can delay closing or create legal issues.

15-year saves massive interest but has higher payments. Calculate both scenarios.

ARMs have lower initial rates but future rate risk. Consider how long you'll stay.

Different down payment amounts affect PMI, rates, and monthly payments.

FHA/VA/USDA loans have different rates, fees, and qualification requirements.

Small rate differences compound to huge savings over 15-30 years.

Some loans restrict extra payments or refinancing, limiting your future options.

Many fees are negotiable, especially with competing offers in hand.

Locks protect against rate increases but have expiration dates and possible fees.

This document becomes your Closing Disclosure. Check all terms match what you agreed.

Incomplete applications delay processing and risk rate lock expiration.

Understanding timeline helps coordinate with home purchase contract dates.