To select the top home loan lender for you, you should first determine what kind of loan you need. Then consider what you’re looking for in a lender. Do you need a lender with the latest online capabilities? Is face-to-face interaction important to you? Are you researching home loan lenders that cater to first-time buyers? There are arguably more loan options and lenders today than ever before. The marketplace is made up of large, traditional lenders such as Chase and Bank of America; regional lenders such as SunTrust; small, local banks; credit unions such as Navy Federal; and even mortgage brokers acting as middlemen, looking all over to find you the best deal. Once you’ve decided what you need in a lender, contact several lenders at around the same time to get the most accurate comparison of interest rates and fees.

Mortgage borrowers waste thousands of dollars each year by not shopping around for more than one offer. Compare offers from at least three lenders when applying for a home loan. Even a slight difference in interest can save or cost you big money over the life of your loan. By applying to several lenders, you can compare the all-in cost of each offer to see the best deal. There’s more that goes into shopping for the best loan than the lowest rate, but that doesn’t mean it’s not important. Comparing fees alongside the interest rate will provide a good indication of the loan’s costs both upfront and over the long term.

If you’re ready to move forward, the home loan lenders above all offer mortgage preapprovals.