When it comes to securing a home loan, don't be afraid to go to multiple institutions, recommended Brian Harris, a recent homebuyer in Seattle.

Lenders will compete for your business and will offer incentives like lower rates and waiving fees to get you to sign on the dotted line, so shopping around can bring significant savings over the term of your loan.

Borrowers taking out a 30-year-fixed mortgage could get rate offers from different banks that vary by more than half a percentage point, according to the Consumer Financial Protection Bureau.

Harris approached a variety of financial institutions, including a big and small bank and an online lender. When one offered an incentive or a lower rate, he would take the offer to the other lenders to see if they would match it.

The tactic paid off: He secured a loan with a 4.25% interest rate and had a $1,000 origination fee waived.