How Many Mortgage Lenders Should You Compare? The Optimal Number

A landmark Consumer Financial Protection Bureau study found that getting just one additional mortgage quote saves the average borrower $1,500. Getting five quotes saves over $3,000. Yet nearly half of all buyers get only one quote. Here's the optimal comparison strategy.

The Research on Multiple Quotes

• CFPB study: 47% of borrowers don't shop at all
• Getting 3+ quotes saves an average of $2,914 over the loan life
• The biggest savings come from the 1st-to-2nd comparison, then diminishing returns
• Rate differences of 0.5% or more between lenders on the same borrower are common
• Fee structures vary wildly — a lower rate can be offset by higher origination fees

The Optimal Number: 3–5 Lenders

Three lenders gives you a real competitive baseline. Five lenders captures most of the market spread without excessive time investment. Each additional application beyond 5 provides little marginal benefit.

The Right Mix to Compare

• 1 large online lender (Rocket, Better, or loanDepot) — for competitive rate baseline
• 1 national bank where you have a relationship (often offers loyalty discounts)
• 1 local credit union — often most competitive on portfolio and non-QM products
• 1 mortgage broker — shops 20+ wholesale lenders for you
• 1 additional online lender if quotes from the above are close