How many mortgage quotes should you get?  This might be a trick question.  One that not even this post will give you the answer to.  I will say this.  When it comes to getting the best deal on your mortgage, you can never shop too much, just like any other product you may comparison shop for, the more time you put in, the better deal you’ll probably receive.

When it comes shopping around for mortgage quotes the more shopping the better, it’s a good idea to get quotes from more than one bank. Closing costs vary by bank, and mortgage rates do, too.

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I know that you may have heard that the more inquiries you make into your credit that this will affect you negatively.  This is not so.  The truth is that you can get as many quotes as you wish, just do not apply. Applying will pull the trigger on your credit report which will negatively impact your credit score.

The FICO scoring system is built with consumer protection in mind.  When you apply for a mortgage loan with multiple lenders, the credit bureaus count it as a single credit inquiry.

Credit bureaus expect this type of behavior and consumers are allowed to shop an unlimited number of lenders without fears of “multiple credit dings”.  All mortgage rate shopping done within a 14-day period will count as a single credit pull, with the bureaus acknowledging the first credit check then ignoring all subsequent ones.

If you’ve only shopped for a single mortgage rate quote, it’s best to get competing quotes.  It’s a fact of life in lending: The mortgage company with the lowest mortgage rate today may not be the one with the lowest mortgage rate tomorrow.

Check multiple sources for quotes — retail banks, mortgage brokers, online lenders, and whatever else you can find.  Start with your local bank or credit union. They know the most about you, so they’ll be able to give you a pre-approval pretty easily to determine how much you can afford and at what rate.

Don’t take a chance on guessing or listening to the latest television ad to sway your decision.  Take the time to talk to a professional who can best help you.