The other day, a home buyer who was shopping interest rates told me that another lender would not provide her with a rate quote unless she submitted an application and allowed them to run her credit. This is wrong! A lender does not need a complete application or to pull your credit report (not even a “soft-pull”) before they can provide you with a detailed mortgage rate quote. I don’t know if it was the lender’s company policy or if they were just trying to get more information – however, it should not be required.

While it’s ideal for a lender to have this information so they can provide a more accurate scenario, it should not be required. If a person is in the early stages of shopping interest rates and lenders, they should be able to obtain a quote that shows current interest rate with the APR, itemized closing costs, estimated monthly payment and the estimated funds needed for closing (down payment and closing costs).

The only information that a lender needs to provide a written mortgage rate quote is:

• Estimated sales price or value of the home;
• Estimated funds available for closing or down payment, if it’s for a home purchase;
• Estimated credit scores or guess on how your credit is (excellent, good, needs work, etc.)
• Type of desired mortgage program or term
• Type of occupancy. Are you going to live in the home as your primary residence, use it as a second home or is it a rental property.
• Any other additional information that you feel is useful may be helpful.

The “quotes” I provide typically include a couple of different options that people can prepare side by side, which often include a review (audio or video) of the scenarios.

I encourage home buyers or people who are considering refinancing to schedule a discovery call so we can review everything in more detail BUT this is not required to receive a mortgage rate quote from me.

If you would like to receive a detailed mortgage rate quote, I am happy to provide that for you! Click here for a free, no-hassle mortgage rate quote.