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Getting quotes through lender 411

When getting quotes on comparing VA loan rates,they're not going to run a credit report on me just for quotes are they? I just want to know basically who is offering better deals based upon my info I give them. by Icehou_129_819 from Valparaiso, Indiana. Jan 13th 2013 Reply


James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

Quotes can and will range when providing general non-specific information. In order to get an accurate quote, you will need to speak with a qualified mortgage professional about your specific loan scenario. You're free to give my office a call as we are located in downtown Crown Point. Happy New Year!

Jan 13th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

You can get quotes, but until a lender looks at your complete scenario, it won't be accurate... in your comparison, you should be shopping for a person rather than the "Best Rate", or "Lowest Fees".. once you find a person you feel comfortable with, you will have faith that they are working for your best interest rather than their own... I say this because there are so many ways to show a quote... some lenders might offer to help with your costs at a slightly higher rate, while another lender might give you a really low rate, but at a cost.. also, some lenders might include not only their costs, but all the costs associated with the refinance, while other lenders might only quote you their costs.. not the costs for title insurance, recording, impounds.. etc.. This can get confusing for many borrowers, so again.. shop for the person, and put your trust in them...I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 13th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

Quoting is easy... anyone can do it. It might be close, or it could be off a mile. Getting an 100% accurate quote will REQUIRE a full application, a discussion of your individual situation, and a review of your credit report. In MN and WI, visit www.MortgagesUnlimited.biz

Jan 14th 2013
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

ON VA loans, there really is much difference .. it all depends on your asests, income, employment type, and credit score.. Since this is a govt loan, the rates are bascially the same. have you used your VA benefits before?? linda i specialize in VA loans.. my dad was a WW2 pilot.. linda yourloanpartnerforlife@live.com

Jan 13th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Rates posted on most websites are usually based on the "the best possible scenario", thus you need to read the fine print. Most loan programs, particularly those that are backed by the Government (FHA, VA, USDA) are generally all in the same rate range. The closing costs should all be fairly similar too (appraisal fee, escrow requirements, title charges, etc). With that said, I would focus on finding a Trusted Mortgage Professional who will want to learn more about your goals and objectives and not just give you rate quotes. You should want to build a long term relationship with a Trusted Mortgage Professional as you will want to stay in touch as your life moves forward. The advice that you can obtain from someone who is very knowledgeable may be worth much more than a small difference in closing costs or interest rate. This is the person I am for all of my clients, which is why most of my business is derived from referrals. I would be happy to discuss your situation in more detail off line. Good Luck and enjoy the weekend!

Jan 13th 2013
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Larry Penilla (Larry Penilla)
#4 ranked lender in Indiana - 24 contributions

Most loan officers will attempt to run your credit report. However, if you know your actual FICO credit scores it shouldn't be necessary just to "quote" terms. You will have to provide some basic info to get true pricing/closing costs...Once you decide upon the loan officer who provided you with the best information and service, then it's time to review your credit and confirm qualifications and pricing. My best advice is to find a loan officer and lender with at least 5 years of VA lending experience with in-office underwriting and processing. You'll likely have the best experience and close quickly. My office is in conveniently located in Merrillville. My company and my personal reputation in Northwest Indiana are outstanding -- especially with government loans. Best of luck!

Jan 13th 2013
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Scott Swinford (scott@nwiloanguy.com)
#16 ranked lender in Indiana - 21 contributions

While it is great that you want to compare rates between lenders, the rate you are quoted may not be the one you get since the rate has to be locked for sufficient amount of time to close the loan. The rates may be a little different depending on if you get a 30 day compared to a 60 day lock. The two questions you should ask are 1. What will be my cost out-of-pocket at closing, and 2. What will I pay each month out-of-pocket? Unfortunately, to give you the best quote for your situation requires the lender to look at your credit report and the scores. If you would like to discuss this more, feel free to ask. I have an office in Valpo.

Jan 13th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

No one can run your credit unless you give them your social security # and permission to run it. You should speak to 2 or 3 lenders get a feeling for who you want to go with and give only one person your info. If you know your scores, monthly debt, income which needs to include your proposed piti and what your loan to value will be you can ask those three for a quote based on that info choose one. Remember the only thing that could change or should change the quote is if your scores aren't what you say once they run it or if your debt is more.

Jan 13th 2013
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Edgar Aranda (earanda)
#757 ranked lender in California - 93 contributions

Depending on your credit score rates can range from 3.25 -3.5% on a 30 yr fixed. The other variable that can change is the funding fee, if you have used your VA eligibility. Or if you have had any service related injuries that fee is waived. Hope this helps

Jan 13th 2013
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

You will have to make contact with each lender.

Jan 14th 2013
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Jason Vondrak (jvondrak)
#222 ranked lender in California - 1,741 contributions

You can get a general quote from a lender based on the information you give them about your credit score. However, in order to get an exact rate quote, a lender will need to pull your credit. We recommend shopping around first and getting general quotes based on what you estimate your credit score to be to get a feel for the different lenders. When you find one that you are comfortable with and plan on working with, then they can pull your credit and give you an exact quote.

Jan 14th 2013
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Matt Pollina (matt@smartmtgs.net)
#57 ranked lender in Illinois - 40 contributions

Hello Icehou_129_819. Please make sure that when you are getting quotes that you are comparing 'apples to apples.' What I mean by this is that there are several factors that go into both the quote you are getting and the information it is based on. One lender may be basing a general quote on top tier credit, low loan to value and a 15 day rate lock. While this can certainly be an 'accurate' quote it may not match your personal scenario. I would tend to put more trust in someone that looks at more of a worst case, especially in this lending environment where a 30-45 day lock is much more realistic. Also, make sure you need a VA loan which has a funding fee that can be quite high.

Jan 14th 2013
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