Eight Great Tips When Looking For Mortgage Quotes

1. Mortgage rates can change on a daily as well as an hourly basis. For a fair comparison you should do all of your shopping with in an hour.

2. Be prepared to answer some questions. I personally will not give anyone a mortgage quote with out asking some questions first. The reason for this is simple. Would you ever call your doctor and say “Hey Doc, I don’t feel good, what’s wrong with me?” If he gave you an answer with out some probing questions I think I you’d better find another doctor.

3. Do not let every person you talk to pull your credit report. Even if they tell you it is necessary to give you a mortgage quote. It can do some serious damage to your credit scores and you may wind up with a higher interest rate. I suggest you pull your own credit report and you can tell them your scores over the phone. 

4. If you receive a mortgage quote that is much lower than everyone else’s, you had better ask why it’s so much lower and how they are able to offer it.

5. Don’t be surprised if you don’t actually get the mortgage quote you were told. Again it is almost impossible to say what people will actually qualify for unless we as loan officers have all the facts, reviewed your credit report, and have verified all of your information.

6. Make sure the quotes are from the same products. If you want a 30 year fixed interest rate make sure that is what you are being given a quote on from every person you talk to.

7. Higher interest rates may mean lower fees and vice versa.

8. Listen to the knowledge of the loan officer. A good loan officer should bring up other loan options for you as well. Other loan options could save you tens of thousands of dollars versus the loan program and rate you were shopping for. 

9. Keep in mind when searching for a mortgage quote that we as loan officers have access to a lot of the same lenders and programs. So many times it should not only be who has the lowest rates but who can offer better service as well as expert knowledge.

10. Be wary of anyone who guarantees the lowest rate because it is illegal to do so.