How to Find a Mortgage Quote

Finding a mortgage quote is easy--finding a personalized one takes a little effort.

Home financing is a huge business in the United States. In addition to local credit unions, local banks and mortgage brokers, there are also finance companies that cater to borrowers who have experienced credit problems in the past. With so much competition, wading into the mortgage market can get overwhelming. While it is easy to obtain a mortgage quote, it is best to do a bit of research, find out what you are looking for and compare some lenders before requesting a quote.

Instructions

1. Make a list of your financial needs. Not only are there an inordinate number of lenders, there are many mortgage products, too. Before seeking a quote, you need to have some idea of the mortgage programs available and which would best serve your financial needs.

2. Pull a copy of your credit report. You can access a free copy at Annual Credit Report. This will tell you where you fall on the credit spectrum. It will also help you weed out certain lenders. For example, if you have poor credit, you'll know that you most likely can only apply to finance companies, such as Wells Fargo Financial and HSBC Finance Corporation.

3. Research quotes on your own before you call any loan officers. You can estimate a mortgage quote before you are offered a personalized one. For example, most banks and credit unions publicly display the lowest rate and fees available. If your credit is only slightly damaged, you will know what range into which you'll fall.

4. Research lenders and narrow down the potential list. Research all potential lenders at the Better Business Bureau to make sure their customer service reputation is sound. Choose no more than five lenders for quotes.

5. Contact these companies and ask for a rate quote based on the products you researched. A real mortgage quote will generate a credit report--a lender can give you a range of rates, but personalized quotes are based on your credit standing.

6. Ask for copies of mortgage programs if you are happy with the quote. You can also complete a full application with the loan officer if you're quite pleased with the quote.

Tips & Warnings

• Remember that official mortgage quotes can only be generated if a lender pulls your credit report. This is required for an accurate rate quote.

References

• Federal Trade Commission: Looking for the Best Mortgage

Resources

• Annual Credit Report
• Better Business Bureau