I Compared Three Conforming Lenders Before Locking—Here’s the Checklist

Mortgage advice often falls into two camps: “Shop at least three lenders” or “Loyalty matters more than rate.” The truth sits in the middle. When I shopped for a conforming loan this summer, I wanted the transparency of multiple quotes without turning my phone into a call-center hotline. Below is the checklist I used to compare three lenders—and the lessons that helped me pick the right partner without drowning in spreadsheets.

Step 1: Standardize the scenario

I sent each lender the same email with property type, purchase price, down payment, credit score, and escrow preferences. I included the estimated closing date and noted that I wanted a 45-day lock with a float-down option if rates improved. When you control the inputs, you can actually compare outputs. Lenders who asked me to fill out a full application before answering basic questions were moved to a “maybe later” folder.

Step 2: Request Loan Estimates, not just rate blurbs

Two lenders initially replied with generic marketing statements like “Rates starting in the 6s!” That tells me nothing. I asked for a Loan Estimate (LE) or at least a fee worksheet that mirrored LE sections. The best lender delivered a polished worksheet within two hours, complete with itemized lender credits, third-party fees, and mortgage insurance quotes. The worst lender sent a screenshot of a pricing engine with half the columns cropped out. Guess which lender went to the top of my list.

Step 3: Compare more than the interest rate

I created a comparison grid with the following rows:

• Rate and APR
• Points or credits
• Lender fees (underwriting, processing, doc prep)
• Third-party fees (appraisal, credit report, flood cert)
• Escrow setup (taxes, insurance, PMI)
• Lock term and float-down policy
• Servicing status (retain or release)
• Communication style

This forced me to think beyond the bold number at the top of each quote. One lender offered a rate 0.125% lower but charged a $1,295 underwriting fee plus $795 processing fee, erasing most of the savings. Another lender’s slightly higher rate came with a $2,000 lender credit that covered title costs. Looking at the full column of data kept me from chasing the wrong shiny object.

Step 4: Dig into service promises

I asked each loan officer how they handle underwriting snags. Do they have in-house underwriters or do they broker files to investors? What’s the average turn time from submission to conditional approval? Will I receive a single point of contact or a rotating cast of processors? Service answers aren’t listed on an LE, but they matter when you are ten days from closing and an underwriter wants a letter explaining a $120 Venmo transfer.

Step 5: Understand lender overlays

Even though conforming guidelines are standardized, individual lenders apply overlays. Lender A required a full tax transcript for any borrower with self-employment income, even if the automated findings didn’t call for it. Lender B allowed appraisal waivers on 10% down loans when DU offered them. Lender C insisted on paying off a small HELOC at closing, which would have drained my reserves. By asking overlay questions early, I saved myself from surprises at underwriting.

Step 6: Evaluate digital tools and disclosures

One lender’s portal let me upload documents, track condition status, and chat with the processor in one place. Another relied on email attachments with vague subject lines. Digital experience might seem secondary, but it affects stress levels. I also checked how quickly each lender sent initial disclosures after pulling credit. Federal compliance is table stakes—if a lender struggles here, imagine what happens when guidelines get complicated.

Step 7: Factor in communication rhythm

I wanted updates at least twice a week without being micromanaged. I asked each lender to describe their communication rhythm. Lender A set calendar invites for file milestones. Lender B preferred text messages (hard pass—I like paper trails). Lender C promised daily updates but never actually followed through during our initial conversations. Reliability during the quote stage often predicts reliability during closing.

Step 8: Plan for “what if” scenarios

Rates move, appraisals can come in low, and employment verifications sometimes hit snags. I asked each lender to walk me through their contingency plans. Would they allow renegotiation if the market shifted 0.25% down? Could they expedite a rush appraisal if my seller insisted on a shorter timeline? Having these conversations before locking saved me headaches later.

The final decision

After three days of comparing, I chose the lender with the second-lowest rate but the highest transparency. Their fee worksheet matched the final Closing Disclosure within $42. Their processor sent bulleted condition lists with due dates. When rates dipped 0.125% during underwriting, they issued a float-down automatically. That level of alignment proved the checklist worked.

Lessons for your own comparison

1. Control the data. Provide the same scenario to every lender so differences are obvious.
2. Read every line item. Rates, fees, credits, and MI all affect the true cost.
3. Ask about overlays. Conforming isn’t identical from lender to lender.
4. Gauge responsiveness early. If emails lag now, imagine week three of underwriting.
5. Document everything. Save PDFs, screenshots, and timestamps so you can hold lenders accountable if numbers shift later.

Shopping three lenders didn’t mean harassing my inbox or playing shell games. It meant acting like the CEO of my mortgage—requesting clear data, evaluating service, and making a decision rooted in facts instead of fear. Use this checklist, adjust it for your situation, and walk into your lock conversation with confidence.