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Know the process

This page contains citations and sources for key facts and figures mentioned in the "Know the Process" action steps and resources.

Preparing to shop

Figure out how much you can afford

"Don’t forget to budget for home maintenance, repairs, and utilities (such as electricity, gas, internet, water, and sewer). These expenses can be significant and vary widely depending on local utility rates, climate, and home characteristics such as size, building code, and energy efficiency."

Zillow and Thumbtack (June 2023). Hidden Costs of Homeownership Can Add Up to Nearly $15,000 Annually. Available at

Exploring Loan Choices

Contact multiple Lenders

“Borrowers who shop around can save thousands of dollars”

Freddie Mac (February 2023). When rates are higher, borrowers who shop around save more. Available at:

Choosing a Loan Offer

Request multiple Loan Estimates

"If your name is misspelled, or other key details are wrong, don’t assume they will get fixed at some point along the way… some errors, such as a typo in the address of the property you plan to purchase, may seem minor but are actually major errors that could affect your rate and costs"

Consumer Financial Protection Bureau. (April 2014). Mortgage closings today: A preliminary look at the role of technology in improving the closing process for consumers, p. 21. Available at:

"Getting multiple Loan Estimates can help you save money and get a mortgage that best meets your needs. Homebuyers can potentially save $600 to $1,200 per year by getting mortgage offers from multiple lenders."

Freddie Mac (February 2023). When rates are higher, borrowers who shop around save more. Available at:

Compare and negotiate your loan offers

"On average, borrowers keep a mortgage for about five years before moving or refinancing."

The CFPB conducted an analysis using Equifax data provided by . The analysis looked at mortgages taken out in 2006-2009. More than half of the loans were closed within 5 years.

Closing on your new home

Shop for title insurance and other closing services

"Research suggests that borrowers who shop around for closing services could save as much as $500 on title services alone."

Feinberg, Robert, et al. (June 2012). What explains variation in Title Charges: A study of five large markets. Prepared for the Department of Housing and Urban Development by The Urban Institute. Available at: .