When shopping for a home loan be sure to get everything in writing. Quotes given over the telephone tend to increase unless you have the offer in writing as well. If you are in doubt regarding your mortgage quote then ask for good faith estimate of the rate, term, and fees.

Nowadays, when it comes to shopping for a home loan, one may be able to better comparatively shop several mortgage offers with a few clicks on the internet. However, always be sure to deal with licensed mortgage brokers or chartered banks that will work "hands on" with your mortgage application. Avoid mortgage websites that promise to "give you four offers after completing a form" or "have up to four lenders competing for your business". These are "leads" websites that only look to sell your information. Loan applicants of "leads" websites will have their information sold and resold, and will be phoned by different mortgage companies for months or years to come.

When you are shopping for a mortgage, be sure that you are comparing the same loan programs. A 30 year fixed rate will be different than a 20 or 15 year fixed rate. Provide the same information to each of the companies that you apply with. Just as the length of the mortgage can change things drastically, so can your income, home's value, and employment history.

Licensed mortgage brokers will search and compare many different lenders and loan programs for you. Most of the time, mortgage brokers will find better programs than you can find by shopping around for yourself. Dealing with one mortage broker you can trust will save you a lot of time and stress.

There is no need to shop around with half a dozen lenders. Try to focus more on working with who you feel is most trust worthy and has your best interests in mind. Generally, 2-3 lenders should be enough to give you a good idea what rate, terms, and fees to expect with your new mortgage.