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Mortgage Glossary

Rate Shopping

Mike Starr·Reviewed August 2026

Rate shopping is the practice of applying for mortgage pre-approval or quotes with multiple lenders in a short period to compare interest rates and fees. Credit bureaus typically treat multiple mortgage inquiries made within a 14–45 day window as a single inquiry, minimizing the impact on the borrower's credit score. Shopping at least three to five lenders can result in significant savings over the life of the loan.