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 mortgage quotes today could be the first step to a streamlined process that saves you time, money, and hassle while simultaneously giving you the most accurate insight into which deals may be available.
Here at MortgageQuote.com, we can help you obtain mortgage quotes from a range of lenders within a matter of minutes. Whether you are researching the options or actively thinking about making a mortgage application in the coming days, this is a priceless step.
What are mortgage quotes?
Mortgage quotes are personalized mortgage 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 mortgage quote is tailored around the info that you provide, thus making it far more accurate than a standardized sample that a lender may promote.
A mortgage quote comes from a single lender, but mortgage quotes enable you to analyze several lenders at once. It also enables you to do this without pulling credit while the results can be found within a matter of minutes. While mortgage quotes are still technically for illustrative purposes rather than providing a confirmed mortgage in principle, the detailed results provide a strong indication of what you could expect to see from a mortgage deal.
As such, many applicants find that this is a very helpful first step before seeking pre-approval from their chosen lender.
What will a mortgage quote help you do?
Prospective homeowners might put down a deposit of somewhere between 0 and 25% of the property price, meaning they will require a mortgage loan to cover the rest of the purchase. Securing a better mortgage rate and more agreeable terms will make a huge difference to your monthly repayment plan and overall charges.
Individual lenders have different mortgage products, mortgage rates, and lending criteria. Gaining multiple mortgage quotes will strengthen your position by;
- Enabling you to compare the personalized quotes from a range of prospective mortgage lenders.
- Understand which lender may allow you to borrow the most.
- Understand which lender may charge the lowest mortgage rates for your circumstances.
- Gain a better understanding of how mortgage repayments could be split between principal and interest payments.
- Learn how much of an impact your down payment, mortgage term, or mortgage rate could have on your financial situation.
Mortgage quotes ultimately allow you to research the market with personalized data without impacting your credit score or requiring you to manually make applications to each lender to gain a mortgage in principle. Furthermore, when you’re in the research phases, it gives you a clearer insight into the affordability of the property you love.
Who should use mortgage quotes?
MortgageQuote.com enables you to quickly analyze the possible offers you may gain from multiple lenders and is completely free to use. When combined with the fact it doesn’t pull credit and can be completed in minutes makes it a great tool for anyone who wants to apply for a mortgage. Some examples of when you might want to gain mortgage quotes include;
- When you want to find out how much money you may be allowed to borrow for a home mortgage.
- When you want to know which mortgage lender is the right one to make an application to.
- If you are thinking about refinancing your property and want to gain a better mortgage deal.
- 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 mortgage term length will find the right balance between affordability and lower interest payments.
Mortgage quotes can be gained at any stage of the pre-mortgage application process. Furthermore, the information is relevant for all property types including houses, condos, apartments, and more.
What’s included in mortgage quotes?
Mortgages quotes provide accurate information from a range of lenders based on the personalized information that you provide. This includes information about the property location, the purchase price, your down payment, income, and other financial commitments. Different lenders can subsequently provide clear insights into what deals may be offered.
The results pages will, therefore, provide clear information and detailed estimates regarding the;
- Mortgage loan value and the likelihood of approval.
- Mortgage term length.
- Monthly repayments, split into principal and interest.
- Monthly interest rates and overall interest payments.
- Loan-to-value ratio based on property price and down payment.
As the tools are for educational and illustrative purposes, you can also go back and change certain aspects like the term length or the down payment figure. This will allow you to try out different combinations to see how they’ll impact your mortgage repayments and whether this will change which lender is right for you.
The benefits of MortgageQuote.com
Choosing the right mortgage quote tool is essential if you want to analyze the market quickly and in style. Aside from delivering a free platform that is suitable for all users at every stage of the pre-mortgage planning phase, the MortgageQuote.com mortgage quotes pop-up wizard guides you through every step of the process and delivers clear results that will point 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 ensure that you have a clearer image of what deals may be offered and whether the property you want is realistic and affordable. Thousands of solo and joint applicants have used the tools before seeking a mortgage in principle, and you can too.
In addition to mortgage quotes, MortgageQuote.com has a range of additional items like 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.
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