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Step 3

Choosing a loan offer

Once your offer for a home has been accepted, it’s time to choose a mortgage loan and a lender.

Once you have a specific home in mind, you’re ready to move on to the next phase in the mortgage process—comparing specific loan offers. To do this, you request, review, and compare Loan Estimates from multiple lenders to determine what loan and lender is right for you. This process can move quickly.

A Loan Estimate is a standardized form that tells you important details about your loan offer. In this phase, you’ll find out what to look for when comparing your offers and how to negotiate.

Goals for this phase

  • Request Loan Estimates from multiple lenders
  • Compare offers and fine-tune your options
  • Choose a loan offer

Action steps

Follow the steps below to get and compare Loan Estimates from different lenders.

Tools for this phase

Interest rate explorer

Our tool shows you a range of rates you could receive for different loan options.

Loan Estimate explainer

Our interactive sample form helps you double-check the details and get definitions for terms used on the Loan Estimate form.

Visit our sources page to learn more about the facts and numbers we reference.

The process and forms described on this page reflect mortgage regulations that apply to most mortgages.