Online Mortgage Quotes
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What’s the first thing you do when you need to get a mortgage loan? You go online and get a quote or go to a brick and mortar business and get a quote. Either way, you start by getting a quote. Often, the online mortgage quotes are a lot better than the one you get from a 'real' mortgage broker. A lot. This article will explain why and what purpose they serve.
Google ‘Chicago mortgages,’ for instance. Google finds you quite a few sites. Some sites have very short mortgage applications. Some have both long and short ones. Some only have long ones. The ones that only have short applications are lead generation companies.
You generate more leads if you give great mortgage rates. If you have great credit, income and down payment, you do, actually, qualify for the very optimistic mortgage quotes. No, don’t object that you don’t have good credit scores, or a great income source or that much down payment.
They don’t have that information. On purpose, true, but still, they don’t have it. They can assume you’re the best of the best.The people with the long, complete mortgage application forms are the ones with the real quotes. The people with the short application get to the long application as their step two or three.
So, the mortgage quotes you get from filling out short applications are meaningless. However, it doesn’t matter how you start the process. If you start with lead-generation outfits, you get several mortgage brokers or lenders to contact you from each application you fill out. If you start by only filling out long, complete mortgage application forms, you know from the start who you’re dealing with but you might end up filling out a lot more applications.
Either way, you get from current mortgage rates to the best mortgage rates for you by contacting several mortgage brokers or lenders not just one.
Remember to ask all the brokers and lenders to give you a quote at the same time. Mortgage rates can vary a lot. Sometimes from day to day.Now that you know why some mortgage interest rate quotes you get are so much better than others, how do you go about getting the best mortgage rate?
The worst thing you can do is to start looking for a mortgage provider when you really need one. I know, sounds counter-intuitive. All I mean is that you should start looking for one long before you actually need to buy or refinance. Because checking out mortgage brokers and lenders properly takes time. Besides, you might not be as ready as you think. Your credit reports could be full of mistakes. It happens often that a credit reporting bureau forgot to mark an account that you paid off as paid off. Which, in the eyes of lenders, means you qualify for a smaller mortgage loan.
Generally speaking, lead-generation outfits turn around and sell your information to actual mortgage brokers or lenders very fast. And they contact you fast, the same day often. This means that you don’t have to exclude any online mortgage quotes. Just that you have to keep a careful eye on the time. Today’s great rates might not exist tomorrow.
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