Get A Mortgage Quote –
Click on Purchase or Refinance.
Get A Mortgage Quote, it can be a helpful tool as different lenders may lend upon different underwriting criteria and perhaps have different processing times.
If you are looking to purchase a home, then click on “Purchase” to complete the questionnaire, we will reach out to you shortly for your Mortgage Quotes.
If you already own a home, and are looking to refinance your home, then click on “Refinance”.
Why Get A Mortgage Quotes Before Home-Shopping?
For many individuals and families, finding a home is the easy part. Financing the home gets tricky. The time to start getting mortgage quotes is before you start house shopping. It should really be the first thing you do after you commit mentally to buying a new home.
But if you have already started the process, it’s never too late! The benefits of getting a mortgage quote for a new home purchase include:
1. Set your price range
“How much house can you afford”—it’s the million-dollar question. You know how much down payment you can afford; a mortgage quote may be needed to finish out the picture. With a mortgage quote, you can see what you will be paying every month.
If the payment looks scary, maybe you’ve discovered the new high point of your price range. Don’t forget, your mortgage payment isn’t your only recurring expense—insurance, property taxes, repairs and sometimes even homeowners association dues need to be considered when budgeting for a home purchase.
2. Check in with your credit
The deal you get on your mortgage interest rate depends on your creditworthiness, which is determined by your credit score. Getting a mortgage quote is a good time to check in with your credit score, see if there is room for improvement, and see what impact a better credit score might have on the affordability of your home.
The most popular credit score is compiled by FICO, although other companies compile credit scores. When it comes time to actually apply for a mortgage, you will want to move beyond the score and look at your detailed credit reports, compiled by Equifax, Experian, and TransUnion. The score for a mortgage is generally different from that of a credit card, an auto loan or medical score. Mortgage companies will generally view your middle score between these three bureaus as your score.
3. Play with numbers — without the hard pull
A key benefit of a mortgage quote is that it doesn’t require a ‘hard-pull’ on your credit, you can request a ‘soft-pull’ or just a general quote using basic information. A mortgage quote using a soft-pull or basic information lets you get a rough idea with the numbers, without damage to your credit. This is a great way to prepare for a mortgage and learn more about the rates, costs and how much of a down payment you may need for a new payment.
4. First Step to Pre-Approval – Get A Mortgage Quote
You may even need a mortgage quote to get a pre-approval for a loan. Pre-approvals are a powerful tool when bidding on homes. It makes your offer stronger because it provides evidence that you have taken the time to inquire about a mortgage loan and you should have strong enough credit to get approval and close the deal. The pre-approval shows the seller where the rest of the money is coming besides your initial down deposit.
A hard-pull is required when you ‘apply’ or request a pre-approval for a mortgage and/or need a ‘pre-approval’, the hard-pull is noted on your credit profile report and it may decrease your score by a few points for up to the next two years. The pre-approval can even have a TBD if you have not found a property yet.
The end loan approval will be based on either the purchase price or the appraised value, whichever is less.
Why Get A Mortgage Quote Before Refinancing
Mortgage quotes are not just useful for new-home purchases. They can also be helpful when refinancing. You may think you know what to expect from a refi based on what happened during the purchase, but a mortgage quote can prevent unpleasant surprises.
The benefits of getting a mortgage quote for a refinance include …
1. Identify your Maximum Refi Allowance
How much you can borrow ultimately depends on the appraised value of your home. You can get started using the assessed value and comparable nearby home sales to get an initial idea of how much you can borrow. Make sure to consider your maximum refi allowance is enough to settle any debts you might want to retire—especially any current mortgages/liens against the house.
2. Check in with your credit, and Get A Mortgage Quote
Your creditworthiness is just as important to your prospects for a refi as it is for a new home loan. It determines the interest rate, PMI rate, and in some cases how much you can borrow. A refinance mortgage quote is a great chance to check in with your credit score, as long as it is a hard-pull credit report.
3. Compare Refi Terms to Other Debts
A mortgage quote for refinancing is an opportunity to weigh refi terms against the terms of other debts, including loans you might want to consolidate with a home loan like car loans or credit card bills. It is also a chance to compare your debts and see what is your tax efficiency rate. New Century Financial Mortgage should be able to help you with you goal of obtaining a mortgage quote. Go to www.ncen.com to find out more. Mortgagequote.com is your place to find out more about what may qualify for!