If you are in the process of looking to buy a property, it is unlikely that you will be in a position to buy it outright and will probably need a mortgage loan to make your dream a reality. Before doing anything else, though, a mortgage quote helps you understand how much you can borrow and how much your monthly repayments will be.
Whether you’re conducting early research or actively looking to find the right deal to buy a home that you’ve fallen in love with doesn’t matter. Here at Mortgage Quote, we can help you gain a better understanding of your possible options in a matter of minutes.
What is a Mortgage Quote?
In its most basic terms, a mortgage quote is essentially an accurate estimate of what the mortgage repayment plan on a proposed property purchase might look like. While it is an illustrative tool for research purposes rather than a loan in principle, it does require you to input various pieces of data, which means you can gain a far clearer image compared to simply checking out the average examples of a prospective lender.
Moreover, it is more than just a calculator as a mortgage quote works by actively working with a lender by using accurate information related to your personal finances. However, this is not a formal application, which enables you to gain a quote without pulling credit or making any indent on your score. For many users, it is seen as the perfect first step to gaining a pre-approval on the home of their dreams. Alternatively, we can also deliver mortgage quotes from multiple lenders.
Why a MortgageQuote?
A mortgage quote isn’t only popular due to its ability to deliver quick results without pulling credit. Moreover, it is one of the most versatile tools that can enable prospective homebuyers to test the waters on a range of products and property types. Some of the key factors to consider include, but are not limited to;
A Mortgage Quote:
- Can be used for proposed loans on new homes or refinancing agreements.
- Can be used for proposed home mortgages as well as investment property mortgages.
- To get a quote on a 30 year fixed and shorter terms.
- Can be achieved for a single borrower or multiple applicants looking to buy a property.
- Can be used for all property types including condos, townhomes, houses, and more.
Essentially, if you think that you will soon be ready to apply for a mortgage or just want to know more about the process and affordability of a loan.
A mortgage quote can be used during the early phases of research or as a precursor to making a formal application for a loan in principle. Crucially, it will provide valuable insight and information that can put you on a smoother path to finding the right loan deal for you. Some of the key things it can help you achieve include but are not limited to;
- What the lending criteria is for a particular mortgage from a specific lender.
- Discover how much a lender may be willing to let you borrow for your intended house purchase.
- Learn how much your monthly repayments (principal, interest, and taxes) are likely to be.
- See how changing the down payment figure, term, or rates could influence your loan repayments.
- Identify whether you may need to spend time boosting your credit score or clearing debts before making additional moves.
Mortgage quotes can save you a lot of time, and help you plot your next moves when buying a home or looking to refinance your current home.
What is Needed for a Mortgage Quote?
While a mortgage quote isn’t a formal offer, it does provide generalized results. As such, it must take several key factors into account so that you can gain accurate information.
Therefore, you will need to provide some personal details like your estimated credit rating and your salary as well as other financial commitments. Furthermore, you will need to provide;
- The purchase property price.
- Any down payment figure you have saved.
- The intended term length.
- Income for the past 2 years
- Estimated credit score
If you qualify and would like to move forward, we may even proceed past the mortgage quote stage and proceed with the application. A pre-approval including the monthly repayments (principal and interest) as well as the rates. In turn, you should have a better picture regarding the general scenario of products and programs.
You can subsequently change the parameters, such as term lengths and down payment figures, to get a new quote. This allows you to look at different options without impacting your credit score.
When seeking a mortgage, it’s imperative that you choose the right platform to secure the most accurate results. Mortgage Quote is a specialist broker that meets ADA Compliance and provides a range of tools from the to the loan calculator that are dedicated to helping consumers paint a clearer picture of the financial aspects surrounding a new debt.
Our platform does not pull credit and is an impartial educational tool used to help you make smarter choices. Better still, it is entirely free to use.
We’ve helped many prospective and current homeowners with a quote. We offer a quote that might include items such as if it was an investment property, primary or secondary home, or if it is a condo, SFR or townhome. likely and support your budgeting decisions with almost immediate results.
Using the mortgage quote lead form could not be easier and our step-by-step wizard will guide you through the process, starting with the zip code and then moving on to details about the property price, down payment, and personal information submission form. If you like what you hear after we connect, you can think about getting a mortgage in principle.