How Do You Get a Quote for a Mortgage Rate?


Quick Answer

To get a quote for a mortgage, check mortgage company rates online or call around to lenders to find the most current information. Be aware that advertised rates can change quickly and may not apply at the time the buyer is ready to put in an application.

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How Do You Get a Quote for a Mortgage Rate?
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Full Answer

When looking for a quote for a mortgage, be sure to compare important details such a loan rates, points that may apply and the time period to lock-in the rate.

While gathering mortgage rate information, get quotes on the same day so the comparisons will be timely, according to Bankrate.

Loans charges are fees called points. A point is one percent of a loan. Be sure to compare the point rates evenly across the scale from one lender to another as the points may differ when comparing the number of points from each lender.

When shopping for a mortgage, know when to lock-in the loan. Getting locked in requires the lender to commit to the interest rate although the rates may change. A rate that is locked in is good for approximately 30 to 90 days. The longer the rate, the more expensive in points. Each lender will have a different point fee for a lock-in time period.

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