How to get a cheap mortgage quote

With scam offers abounding all over the lending community, it is difficult for individuals to balance the need for a price conscious mortgage while still attaining a product from a lender they can depend on. So lets assume youre going to purchase a home and you need a get a mortgage. But where do you turn for a cheap mortgage quote?

The first step in attaining the best mortgage quote for you is to prepare all your personal and property financial information. This means compiling things like your employment history and income taxes for the last three years. It also means putting together a folder with everything from past leases on your home, to recent appraisals as to its value. Once you have compiled all this information it is time to approach lenders.

Note that I said lenders and not lender. When trying to attain a mortgage the first rule of thumb is to shop your mortgage around to at least four lenders. While the mortgage industry is guided by financial figures, it is still very much an industry motivated by flux and by personal impressions. So going to a single lender will not normally give you a complete picture of what the lending market will bear for your lending needs. Rather, by shopping your mortgage around to a wider variety of lenders you are more likely to attain the cheap mortgage quote you desire. But that does not mean just going to the first four banks on the way home from work.

Rather, you should choose three banks from different lending areas. That means, you should choose one local bank, one national lender, and one online lender. Whichever of these three comes in the best, you should get one additional mortgage quote from another lender in that industry. At this point you can be relatively confident that you are getting a fair, if not always the absolute best rate.

Shopping around your mortgage quote to a wide variety of lenders while still keeping the total number of loans requested low will allow you to achieve a balance between time and money. Attaining a low priced mortgage quote is certainly a daunting task, especially the first time you do it. But because of the volatility and diversity of the lending market, it could be the one of the best financial investments you ever make.

By www.freemortgagequoteguide.com