WATCH OUT! What you might not know about obtaining a free quote and preapproval could hurt you.
Beware of mortgage brokers, loan officers and other mortgage representatives who quote you a rate before following the proper steps toward a valid preapproval.

It’s only natural that a mortgage shopper will make contact with a mortgage rep to obtain pricing information when shopping for a mortgage. However, there’s a right way and a wrong way to obtain this information. Accurate, reliable information can only come from the actual lender or investor who’s going to fund the loan. Mortgage brokers and loan officers arrange and facilitate the acquisition and processing of mortgage loans, but they do NOT fund them.

Some mortgage reps, anxious and under pressure to get your business, will ask you a few questions… then “quote” or suggest a rate as a means of “closing the sale” with you. It might be a “best guess” on their part, but it’s very often a much, more attractive rate than you’ll actually get. This is the wrong way to acquire this information. But, many borrowers press their mortgage rep for this information without allowing him or her to follow the proper procedures.

A valid, bona fide rate and preapproval can only come after you have agreed to allow your credit report to be reviewed by the actual lender, along with supplying enough information to complete key portions of the document known as the 1003 Uniform Residential Loan Application.

If the mortgage rep or company you’re dealing with does not approach the quote and preapproval process this way, you’re not getting valid and reliable information.

Did you know…?
According to the Better Business Bureau, the single largest and most common grievance against mortgage companies and their reps deals with borrowers who complain they didn’t get the rate (at their loan’s closing) they were quoted. At Mortgage Match, we know you don’t need any unpleasant surprises. That’s why we only employ the proper and right approach to quoting rates and providing preapproval. To get your free, no-obligation quote and preapproval, click here.