Buying a home or investment property is one of the most exciting things that you will ever do, but it is also a huge financial commitment. Securing a mortgage quote could be the first step to a streamlined process that might help you save time and money while simultaneously giving you the insight into which programs may be available.
We may be able to get various mortgage quotes from a range of lenders for your situation. Whether you are researching the options or actively thinking about making a application or lead inquiry, this is a priceless step.
What are mortgage quotes?
Mortgage quotes are personalized loan estimates that are designed to help users understand how much money they can borrow to purchase a property, as well as the monthly repayment plans that they would face. While it is not an official offer of a mortgage in principle, a quote is tailored around the info that you provide, thus making it a more scenario purpose than an actual commitment.
A quote comes from a mortgage broker, but allows us to analyze several lenders at once and see what scenario might fit your needs. It also enables us to do this without pulling credit while the results can be found within a matter of minutes. While mortgage quotes are still technically for general educational purposes rather than a commitment, the general results provide a general scenario of what you might expect to see from a mortgage program.
As such, many applicants find that this is a very helpful first step before seeking pre-approval from their chosen lender.
Why a Mortgage Quote?
Prospective homeowners might want to borrow a certain percentage of purchase price or appraised value of the property, this is a mortgage loan to cover the rest of the purchase. Inquiring about mortgage rates and more favorable terms will make a huge difference to your monthly repayment plan and overall charges.
Individual lenders have different mortgage products, rates, and lending criteria. Allowing us to get quotes that might help you as lenders want our business, thus competing for yours.
- Enabling you to compare the personalized quotes
- Understand which lender may allow you to borrow the amount you are looking for
- Understand which lender may have the program geared for you
- Gain a better understanding of how mortgage repayments could be split between principal and interest payments, depending on the product.
- Learn how much of an impact your loan-to-value, term, or rate could have on your financial situation.
Mortgage quotes ultimately allow us to research the market with a more drilled down approach without impacting your credit score or requiring you to complete an application to each lender. Furthermore, when we are in the research phases, it gives you a clearer insight into the affordability of the property you love.
Mortgage Quotes from Various Lenders
We discuss the possible offers you may gain from potentially multiple lenders and getting a mortgage quote is at no cost to discuss. When combined with the fact it doesn’t pull credit and can be completed and makes it a great tool for you to apply for a loan. Some examples of when you might want to gain quotes include;
- When you want to find out how much money you may be allowed to borrow for a home loan.
- When you want to know which program is the right one to make an application to.
- If you are thinking about refinancing your property and want to gain information on a program.
- If you are analyzing the possibility of buying a rental property or vacation home that won’t be your main residency.
- When you need to consider which term length will find the right balance between affordability and costs.
A mortgage quote can be gained at any stage during the inquiry stage. Furthermore, the information is relevant for all property types including houses, condos, apartments, and more.
What’s a Mortgage Quote?
Mortgage quotes can help inquire from a range of lenders based on the personalized information that you provide. This includes information about the property location, the purchase price, your loan to value, income, and other financial commitments. Different mortgage programs can subsequently provide various insights into what programs may be offered.
The results could therefore, provide clearer information and estimates regarding the;
- Mortgage loan amount
- Mortgage term length
- Monthly repayments, split into principal and interest
- Note rate and overall interest payments
- Loan-to-value ratio based on property price
As the tools are for educational purposes, you can also go back and change certain aspects like the term length or the loan to value figure. This will allow you to try out different combinations to see how they’ll impact your repayments and whether this will change which program is right for you.
The Benefits of MortgageQuote.com
Choosing from some of the mortgage tools may help you if you want to analyze mortgage programs. Aside from delivering a free platform that is suitable for all users at every stage of the pre-mortgage planning phase, quotes pop-up wizard guides you through every step of the lead inquiry process so we can help guide you towards the right mortgage lender.
As an impartial mortgage broker, we work with many of the country’s leading lenders and gain accurate quotes to help you have a clearer image of what programs may be offered and whether the loan you may potentially qualify for. Many applicants have used the tools before seeking a mortgage, and you can too.
In addition to getting quotes, we have a range of additional helpful tools such as a DTI mortgage calculator and a mortgage repayment calculator tool that enable you to try out different calculations until you find what works best for your financial circumstances. With all this information at your disposal, making the right decision regarding mortgage products and lenders should be easy.