Can You Apply for More Than One Mortgage? | 2025

You can apply with multiple lenders

Can you apply for a mortgage with more than one lender to make sure you’re getting the best possible deal?

The answer is yes—you can apply for mortgages with multiple lenders without penalty, and doing so could help you lock a lower interest rate.

Applying for a mortgage with a single lender could mean leaving money on the table. The solution? Comparing multiple mortgage offers can help you purchase a home or take advantage of refinancing at a better rate, potentially saving you thousands of dollars over time.

In this article (Skip to…)

• How many different lenders
• Informing your current lender
• How much you can save
• How to get multiple quotes
• Comparing different lenders
• Get quotes from multiple lenders today

How many lenders should I apply to for a mortgage?

Still wondering how many lenders you should apply with for a mortgage loan? The ideal number of different mortgage lenders depends on your home-buying goals, but research from Freddie Mac offers guidance.

A Freddie Mac study found:

• Borrowers who applied with multiple mortgage lenders reduced their chances of higher mortgage rates by nearly 5%.
• Homebuyers who applied with only one mortgage lender often paid more.
• Those who compared at least five mortgage loan offers got lower interest rates than those who checked only three.

To get the best mortgage rate, apply with at least three lenders, but consider five or more for even better chances. More mortgage applications improve your chances of securing better rates and loan terms.

Should I tell my lender I’m applying with more than one company?

It doesn’t hurt to tell mortgage lenders that you are shopping around. In fact, you should tell them. Multiple applications have been shown to increase competition between lenders.

In our current economy, mortgage competition is thriving. If you have a good credit history, mortgage lenders may be more likely to compete for your business.

When you inform lenders that you are shopping and comparing, they are typically more inclined to present their best offer from the outset.

Plus, in the era of online mortgage brokers, prequalification, and preapproval, borrowers today have more tools than ever before to get the best interest rate, without having to necessarily submit a formal mortgage application.

How much a homebuyer can save with multiple mortgage quotes

The savings from getting quotes from different lenders will vary depending on a borrower’s personal finances, including credit history, type of mortgage, loan amount, and initial down payment.

• A 2024 LendingTree analysis found that borrowers who compared offers saved an average of $76,000 over the life of their loan—about $212 per month or $2,547 annually.
• A 2023 Freddie Mac study showed that in high interest rate environments, multiple mortgage quotes can save borrowers $600 to $1,200 per year.

For those wondering, ‘can I apply for multiple mortgages at the same time?’ The answer is yes. And as studies show, doing so can lead to lower interest rates and significant homeownership savings.

How to get mortgage quotes from multiple lenders

Can I apply for a mortgage with multiple lenders? Yes—and it’s a smart way to compare terms, secure a better rate, and save on your home loan. Here’s how to find the best deal.

1. Research current mortgage rates

Start by checking current mortgage rates from banks, credit unions, and online lenders. Rates fluctuate based on real estate market conditions, FICO score, debt-to-income ratio, and personal finances, as well as loan type for home buyers and home equity for those refinancing. Researching these factors helps set realistic expectations before requesting quotes.

2. Get preapproved by multiple lenders

If you want to explore options without committing to a formal loan application, consider mortgage preapproval or prequalification:

• Prequalification provides a general estimate of how much you can borrow based on basic financial details.
• Preapproval involves a more thorough review of your credit report, bank statements, pay stubs, and income. A preapproval letter, typically valid for 90 days, confirms how much a lender is willing to offer.

3. Request and compare Loan Estimates

Once you’ve narrowed down potential lenders, request Loan Estimates to compare interest rates, loan terms, and closing costs. Reviewing these standardized documents side by side helps you identify the most competitive offer.

4. Negotiate loan application fees

Some mortgage lenders charge loan application fees, but these may be negotiable. Ask your loan officer if they can waive the fee or offset it with lower origination or underwriting costs. Always review your Loan Estimate carefully to understand the full cost before committing.

Comparing multiple lenders

Once you’ve chosen your primary lender, it’s time to move forward with the appraisal and lock in your mortgage rate.

With your lender in place, you now have clear loan terms, fees, and interest rates to compare against other mortgage lenders. Don’t hesitate to tell lenders that you’re exploring multiple options—full transparency can work in your favor.

Besides, it’s likely to come up anyway. When a lender pulls your credit report, they’ll see recent credit inquiries from other lenders. Be prepared to explain these inquiries during the underwriting process.

Pros and cons: Applying for mortgages with multiple lenders

Can you apply for multiple mortgages at the same time? Many first-time home buyers and homeowners alike wonder if submitting multiple mortgage applications is a smart strategy.

Since the number of mortgages you apply for can impact your loan terms and approval odds, it’s important to weigh both the advantages and drawbacks before deciding.

Pros

• Higher chances of approval: Nearly one in ten home purchase applications are denied, and 13% of refinance applications get rejected. Applying with multiple lenders can provide a backup option, especially for borrowers with less-than-perfect credit.
• Better mortgage rates: Lenders offer different interest rates, closing costs, and loan terms. Comparing multiple Loan Estimates allows you to find the best mortgage deal and lower monthly payments.
• Proven savings: According to the Consumer Financial Protection Bureau (CFPB), if just 20% of home buyers got one extra mortgage quote, they’d collectively save $4 billion annually in mortgage payments due to increased lender competition.
• More negotiating power: Having multiple offers can give you leverage when negotiating loan terms, mortgage rates, and fees.

Cons

• Impact on credit score: Multiple mortgage applications trigger hard inquiries, which can lower your FICO score by three to five points. However, credit bureaus treat multiple inquiries within a two-week window as a single credit pull to encourage home loan shopping.
• Potential application fees: Some mortgage lenders charge upfront fees for appraisals or credit checks. If you apply with too many lenders, these costs can add up.
• Increased spam calls and emails: Some mortgage brokers and lenders sell borrower information, leading to an influx of unsolicited offers from other financial institutions.
• Process complexity: Managing multiple mortgage applications can be time-consuming. Instead of applying everywhere, focus on a few lenders that align with your needs, whether it’s lower interest rates, faster closings, or reduced fees.

FAQs about applying for multiple mortgages at the same time

Apply for multiple mortgages at once

Consumers don’t hesitate to compare cars or household items, so why not do the same when it comes to choosing a mortgage loan?

By applying for more than one mortgage at once, you can easily compare costs, interest rates, and program options. It’s like “test-driving” lenders before committing to just one.

Click the link below to connect with multiple loan experts and start your mortgage search today.