Mortgage Rate Quote

Online or In Person Mortgage Rate Quotes

If you receive a mortgage rate quote, either online or from a traditional lending institution, that you have provided personal information to receive, it will be a relatively accurate quote. By providing social security numbers, bank information, tax returns, and employment history, the person figuring your interest rate will have an accurate picture of your creditworthiness.

The rate that you get from this quote would be the rate that you would get from that lender, on that day. Of course, that is where the numbers can lose some accuracy. If you opted for the free online quote for convenience, but plan on going to a traditional, bricks and mortar lender for your loan, you may not get the same rate. Also, even if you use the same lender for your quote and your loan, if there is a change in interest rates between the time of your quote and the time of your purchase, you may find that your mortgage rate changes as well.

Locking in a Rate - get a Quote

If you know what lender you want to use for, locking in a mortgage rate can be the best way to ensure that you know exactly what you will be paying. When you lock in a loan rate, you do all of the paperwork for your loan, you find out what your mortgage rate will be, and you then you lock that rate in. Regardless of what happens to interest rates, you know what your mortgage rate will be.

Now you can take your time to shop for the house of your dreams. Lock-in rates are typically available for at least thirty days, and often, sixty or ninety days. Your lender will let you know exactly how long you have your rate locked in, and what happens if you have not closed on a loan by the ending point of the lock. Typically, you will pay a fee, and your interest rate may change as well. This should not be a problem, as most lenders have generous lock-in terms. Locking in a mortgage rate is a great choice if you want to know exactly what you will spend, and who you plan on using as a lender.

Mortgage Calculators vs Rate Quotes

Mortgage calculators, such as those available online, offer a rough estimate on the amount of home you can afford and what interest rate you should expect to pay. They generally take into account your income, debt, and the length of the loan. Although some may ask about your creditworthiness, it is a general question, and one many people do not know the answer to.

Without the ability to take your credit score, job stability, and other external factors into account, mortgage calculators are not the most accurate way to receive a mortgage rate quote.