Free Mortgage Quote

Free Rate Quote - Whether you are seeking for a home mortgage refinance or a home purchase loan; for your first home or an investment property; request for a mortgage quote for free. Home mortgage loans for all credit types are offered: bad credit to excellent credit. As a mortgage broker we shop for you to find the most competitive mortgage rate quotes and the best home loans in the industry.

Whenever I give a client a free rate quote I am quoting the lowest possible rate available for the program that best benefits my client on the day that I am quoting. Clients must always understand though that a rate cannot be guaranteed until it is locked by the lender. this applies to anyone who quotes you a rate - it must be locked to be valid.

In order to obtain the most accurate rate quote possible you will generally need to provide as much information as possible. Rate quotes can vary greatly across the board if you request rate quotes from a few different lenders. One lender or mortgage broker may quote you a very realistic rate for your exact situation while another may quote you the best rate that is available for the ideal client. Quoting extremely low rates that you probably don't qualify for, unfortunately is a very wide-spread tactic that many companies will use to get you in the door. This is why it is very important to find a reputable, honest, and experienced mortgage broker and utilize him/her for all of your home financing needs now and years down the road. Ask your friends and family for referrals of someone they may have used in the past, and once you find a good mortgage professional refer him/her to anyone you know looking for home financing.

When comparing rate quotes make sure you consider the fees. Sometimes the fees involved in a loan will make one interest rate more attractive even if its higher.

Remember that a "quote" is not set in stone until the loan is locked, but a good loan officer should be able to anticipate potential changes.

Some of the things that you will need for an accurate quote is what your credit history looks like, if you have any bankruptcies or foreclosures, what your gross income per year/month is, if you are obligated to pay child support, if you are w-2, 1099 or a self employed borrower, the amount of your total payments per month, your homes value & how much you currently owe. After answering some of these questions we will be able to give you a more accurate rate quote.

If you get multiple quotes try and get the all on the same day, interest rates can vary fromone day to the next.

Be sure to provide accurate responses and information when requesting a rate quote.

With your quote for a rate you should also get a quote for the APR and get a copy of a Good Faith Estimate (GFE) for closing costs.

Make sure your quotes are in writing. It should cost you nothing to get a free loan quote.

Contact me here donald@homerefinow.com to discuss your free rate quote!

If taking someone at their word makes you nervous, ask for a Good Faith Estimate.

Remember that a rate quote is only as good as the information you give your mortgage agent. Shopping around for the best rate is not as easy as calling a dozen mortgage companies in Huntington Beach and asking "what's your rate for a 30 year mortgage?"
There are several factors that the actual rate you will receive, regardless of what you are quoted: 1)Your credit score. Usually a credit score below 720 will get you a higher rate. 2)Your mortgage or rent history. Any payments over 30 days late in the last 12 months will result in a higher rate. 3)Your debt-to-income ratio. 4)What percentage of the property's value you want to borrow. Borrowing more than 80%, or sometimes even 70%, will give you a higher rate. 5)The property type and location. Condo, manufactured, mobile, rural, single family, multi-unit- these can all make a difference. 6)The loan program. The company with the best 30 year fixed rate may not have the best rate on a 3/1 ARM or a 15 year fixed or an Option Arm.
If you aren't absolutely sure which loan program is right for you, your loan officer can ask questions and make recommendations. If you call another loan officer to compare, let that loan officer also make recommendations, because he/she may better explain your options to you.
Be prepared to spend some time with each loan officer you talk to. Give them complete, accurate information. Ask questions to ensure you can trust each mortgage professional you talk to. Then, the quotes you get can give you a good starting point for comparing companies and programs.

Interest rates are dependent on the level of inherent risks the lender banks are taking in granting mortgage loans. The more income and asset documents one can supply, the lower the interest rate will be. For this reason, when getting rate quotes from multiple mortgage brokers and banks, be sure to furnish the same and true information. Telling one broker that the application will be full-documentation and another that it will be a no-documentation loan will result in significantly different interest rate quotes.

If your mortgage broker locks a rate for you it does not obligate you in any way to commit to doing business with that person. You can always lock and look. You should always try to get at least 2 seperate quotes to compare.

When asking for rate quotes, be sure that you are asking about the same programs. If you are interested in a 30 year fixed, be sure that all your quotes are for the loan program that you have selected. Remember that rate quotes are free, and if any mortgage company asks you for money upfront, then you should walk away. The same is true if sommeone is quoting you a rate considerably lower than the other rates you have been quoted. Rates generally don't vary a significant amount, especially if they are on the same loan programs. The low rate company may be trying to get you in the door, only to change the rate in the end. This is an unethical practice that you should be aware of when requesting rates.

After you request a rate quote you, the mortgage broker or lender has 3 days after taking a complete application to send you a good faith estimate.

You will pay for what you get when it comes to expertise. The cheapest guy is not always your best bet. You might want to think about doing business with an experienced professional who is well versed in the type of loan you that fits your situation. The Mortgage Broker should take your whole financial situation into account when planning a mortgage for you. There is much more to look at rather than your rates and fees. With the right plan, you might have slightly higher fees but overall you will save thousands of dollars due to other factors.

How to compare mortgage quotes - When you are quoted a mortgage rate by a mortgage broker you may or may not want to get a competitive quote. Not all mortgage quotes are created equally so it is critical you understand what to look for on your quote if you decide to shop around. The first thing a reputable mortgage broker should supply you with is a good faith estimate. This will break down all the applicable fees and it will also show things such as interest rate, loan ammortization.

The best quote you can get is usually the one that was provided by the broker who took ALL your information and prequalified you for a loan. Be careful of quotes that are given by brokers who ask few or no questions about your specific situation as they may well be quoting an attractive rate for which you may not actually qualify.

When comparing mortgage quotes, get quotes on the same day. Interest rates frequently fluctuate by 1/4%, and sometimes more, from one day to the next.
Make sure that all quotes assume the same points and origination fee.

Closing costs can vary greatly between different loan programs. Some loan programs, especially fixed interest rate loan programs, can offer lower closing costs than other home loan programs. One of the main reasons are pricing differences. It is usually easier to absorb some of the closing costs into a fixed rate loan for a much smaller difference in rate than it is with an adjustable rate loan. Therefore, make sure you are comparing the same exact loan programs to each other and don't be misled by a company quoting low costs on one loan program and think you will be able to get the same exact deal on all loan programs. Ask questions about each program if you are deciding between 2 different programs to see which one will give you the most "bang for your buck".

When comparing two or more mortgage quotes, be sure to examine the Annual Percentage Rate (APR). The APR takes into account the bank charges, and add them to the interest rate. For example, a borrower may be offered a 30-year fixed rate mortgage at 6.5% with 1 point (1% of the loan amount) to the bank and another offer at 6.75% with 0.5 point to the lender. Which is a better loan offer? Without considering the home buyer's ability to pay the points, the offer with a lower APR is the better deal, assuming the borrower keeps the mortgage for the entire loan term. Because there are always bank charges, the APR is usually higher than the quoted interest rate.

Payment usually ends up being the bottom line for most people. While it is important to get the best rate, it is more important to get the best payment. If you are comparing the exact same type of mortgage, a 30 year fixed rate for example, the points, fees APR, and rate may all be different. If you want to know if the additional fees and points are really helping look at the difference in payment. Ask your mortgage broker to calculate a break even point for you.

When you compare mortgage quotes, be sure that you are comparing the exact same loan programs. Things like interest only and shorter amortization periods will affect the interest rate you are being quoted.