The 45-Day Mortgage Hack: More Quotes, Bigger Savings

Takeaway

Get more than one mortgage quote. When you compare a few offers side-by-side, you can save $600–$1,200 per year, and four quotes can boost savings to $1,200+ a year. Even one extra quote can cut your rate by ~0.28%. Keep your shopping inside a 45-day window so the credit checks count as one.

How many mortgage quotes should you get? Why?

Aim for 3–5 quotes. That range gives you a real market view and leverage to negotiate. The math is simple: more quotes, more chances to spot a cheaper total cost (rate and fees). The consumer watchdog shows shoppers can save $600–$1,200 per year, and Freddie Mac found that borrowers who pulled four or five quotes during a high-rate stretch could save $1,200+ per year and $6,000+ over five years. If you only add one extra quote, research still shows a rate drop of about 0.28 percentage points.

For a one-day plan that’s easy to follow, try the “4 quotes in 4 days” rule. Bankrate also says to collect ~3 preapprovals, then compare them carefully using each lender’s Loan Estimate. Read the APR and fees, not just the headline rate—APR rolls in points and charges, so it shows the real cost (see the CFPB’s plain-English explainer of APR vs. rate and Bankrate’s guide to comparing Loan Estimates).

Worried about your credit score? Keep all applications within a ~45-day shopping window so they count as a single hard inquiry. Don’t open other new credit lines while you shop.

Bottom line: skipping the comparison step is costly—one analysis pegs the miss at up to $6,000 a year for some borrowers who don’t shop at all.

Quick comparison: is one, two, three, or four+ quotes worth it?

From whom should you get those quotes?

Don’t just chase the brands with the biggest ads. Mix your list so you see real competition:

1) Your current bank or a big national lender — Relationship perks or smooth tech can help, and Bankrate suggests getting ~3 preapprovals including your bank. But don’t assume the household name is cheapest—always compare the APR and fees on the Loan Estimate (how to compare).

2) A local/community bank — Smaller lenders often keep “portfolio loans,” which lets them be more flexible on unique properties or income. That flexibility can help you qualify or close faster (see Bankrate’s overview of portfolio loans and Chase’s notes on custom underwriting).

3) A credit union — As not-for-profits, credit unions often run leaner pricing; a national regulator found CU mortgages carried lower interest rates by ~9–14 bps, which can add up to thousands saved over time. The Wall Street Journal also reports that credit unions generally post some of the lowest quotes across lender types (overview).

4) An independent mortgage broker — A good broker shops many wholesale lenders for you and can surface aggressive offers you won’t see directly. AD’s mortgage guide urges you to use a broker early and, crucially, not accept the first offer. Brokers are also front-line negotiators when you have competing Loan Estimates.

5) An online lender — Speedy quotes and slick portals make it easy to pit offers against each other. Just keep comparisons apples-to-apples on points, fees, and lock period (use the CFPB’s Loan Estimate explainer and checklist).

Who to pick: lender types at a glance

How to compare quotes the right way (so you actually save)

Make it apples-to-apples: same loan type, points, lock length, property type, and closing date. Read the APR (it bakes in fees) using CFPB’s quick guide to APR vs. rate, then line up each Loan Estimate using Bankrate’s how-to on comparing estimates and the CFPB’s checklist for negotiating. If a lender’s rate looks oddly low, check the points and the “cash to close.”

Earnest money: refunds and “source of funds” rules (quick but important)

If your deal falls through for a reason covered in your contract, your earnest money is usually refundable—think financing, appraisal, or inspection contingencies (see examples from NAR and a plain-English walkthrough by Zillow). Miss a deadline or back out without a protected reason, and the seller can typically keep it.

Also, lenders want your deposit and down-payment money to be “sourced and seasoned.” That means no surprise cash drops or last-minute transfers. Expect to document any large deposits and show that funds have been in your account for about 60 days. If the money is a gift, you’ll need a gift letter; if it’s unverified cash, lenders can reject it (see Fannie Mae’s rules on depository accounts and what lenders flag in bank statements per The Mortgage Reports).

Put it all together

Short list five lenders (mix of big bank, local/community bank, credit union, online lender, and a broker). Pull all quotes in a 45-day window. Compare APR, fees, and cash-to-close using the Loan Estimate. Use the best offer to negotiate the rest. Then lock.