Request a Quote
Ready to get started on your home-buying journey? The first step is to request a quote. Mortgage rates differ between borrowers, depending on factors like your location, cost of the home, credit history, down payment, and more.
Getting a quote and securing your rates can help you save thousands of dollars over the life of your loan. Once you get your quote, you’ll have an idea about what your monthly mortgage cost will be so that you can start determining the right budget for your new home.
Why Get a Mortgage Quote?
Getting an online mortgage quote from Griffin Funding is easy. All you have to do is answer a few questions and provide some basic information. Once you receive your quote, you can use a mortgage calculator to estimate your monthly mortgage payments and compare financing for differing loan terms. You can also see how much a larger down payment will reduce your monthly cost and save you over the life of your loan.
Ultimately, when you get a mortgage quote, you’ll get an idea of what to expect, the type of loan options you have, and the ability to shop around for the best rates.
Griffin Funding provides competitive interest rates and a variety of mortgage programs to help borrowers of all types qualify for a mortgage that suits their budget and financial situations. Check out our non-QM mortgages to see just a few of the different types of loans we offer borrowers.
Are Mortgage Quotes Accurate?
Quotes are based on information provided by the borrower to be as accurate as possible. However, when you get home loan quotes, they are time-sensitive because factors such as interest rates, the type of mortgage (i.e., a fixed rate mortgage vs. an adjustable-rate mortgage), the borrower’s credit standing, and other information change frequently. All this is to say, that quote will only be accurate for so long.
Is Request for Quotation Legally Binding?
When you get home loan quotes, they are not legally binding and are not a contract between a lender and a borrower. It is also not considered an offer. For the quote to become legally binding, a lender must submit the quote to the borrower via a Loan Estimate (LE); then, the borrower must accept the quote. The lender may then acknowledge that the quote has been accepted and determine whether to move forward with a rate lock agreement. A Loan Estimate, unlike a quote, is legally binding. In order to confirm that your rate has been locked and when the lock expires ensure that the “YES” box is checked on the top right of page 1 of the LE.
A borrower or lender can accept a quote or change their minds at any time. For example, a lender may send you a quote, and you may decline the quote, which will then be withdrawn by the lender. Neither party is legally bound to accept anything from the other at this point in the process.
What to Expect When Requesting a Quote
- Visit us online or call us to request a quote.
- Provide us with the following information:
- Phone number
- Property zip code
- Credit score
- Loan purpose
- Loan amount
- Self-employed or VA status (if applicable)
- Loan type
- Loan amount
- Home value
- Receive Your Quote.
- If you’re happy with your quote, you can move forward with an application.
- Lock in your rate.
From here, you’ll move forward with the mortgage approval process.
Visit our step-by-step guide to funding your loan to learn more about our application and borrowing process.
Information You Should Have in Mind When Requesting a Quote
- Your current credit score.
- What state you want to buy or refinance in—and the zip code for the property.
- Where you’re looking to purchase or refinance a home.
- What type of loan you’re interested in—if you’re not sure, that’s okay. Griffin Funding offers a variety of loan programs for all types of borrowers, including VA purchase loans and DSCR loans for investors.
- The value of the home you’re considering—or how much you want to spend on a home.
- The loan amount you think you’ll need.
- Where you’re at in the process and when you think you’ll be ready to move forward. Consider whether you want to buy a home immediately or within the next year.
- Whether it’s going to be a primary or secondary residence or investment property.
- Information for a co-borrower if you have one.
We recommend writing all of this down to make the process go as smoothly as possible.
Evaluating Your Quotes and Lenders
Generally speaking, prospective borrowers tend to request quotes from several lenders so they have options to compare. If this is your strategy, consider the following when evaluating quotes:
Rate Details: Your quote should come with more information than just a number. It should include a rate chart with a current date that details mortgage rates. Remember that these charts typically show averages for conventional loan structures, so the rates listed may not apply to you if you’re applying for a non-QM loan.
Professionalism and Customer Service: While naturally, you want your quote to be as low as possible, having a lender that you can trust is also important. You can determine how well a lender’s customer service is by calling them to receive a quote and talking to your loan specialist. You can also look at things like the professionalism of the website and reviews from previous borrowers to ensure that they are reliable.
Mortgage Types: Before you even request a quote, you should know the different types of mortgages available to you. Rates, payment terms, and more will differ by the type of loan, all of which dictate how your loan will work and how much it will cost in the long run.
Griffin Funding’s mission is to serve all of our borrowers with honesty, integrity, and competence, which is why we prioritize exceptional customer service. We understand that buying a house can be stressful and strive to help make the process as easy to navigate as possible. Our selection of loan products can help us find the best mortgage fit for your needs.