06/04/2026
When shopping for a home loan, follow these steps to find the best mortgage for you.
Get at least three preapprovals. Compare the preapprovals. Once you make a decision, ask for loan offers.
Shop for loan terms, interest rate structures, and programs.
- Loan term: longer or shorter.
- Loan interest rate structure: fixed rate or adjustable rate.
- Loan program: Conventional, FHA, VA, USDA, or a special program.
Compare loan offers. Ask your lenders for loans that reflect the term, interest rate structure, and program you chose. Compare the basic parts (term, interest rate, down payment, monthly payment) then compare the other details (are property tax and insurance included, what costs and fees are added, etc.)
Ask for a better deal. Negotiation is common. There’s no harm in asking.