A mortgage quote is a no-obligation way to get an idea of what you’ll be paying and what you can afford in a home purchase. When looking at purchasing a home or refinancing one, it pays to receive a mortgage quote from multiple lenders, since terms can vary widely. This isn’t nearly as difficult as it once was. These days there are many mortgage brokers, companies and banks who will give out a mortgage quote over the internet or by phone.

The time from contacting a lender to receiving the mortgage quote can vary from an hour or two to a few days, depending upon the lender and the type of loan. Be sure to ask when the quote expires so you know how quickly you need to make a decision on which lender you’ll use. If you like the quote, ask about locking in the rate. Locking means you’ll pay that rate even if interest rates rise before you close your loan. After receiving the mortgage quote from the various lenders, make sure to compare certain items. Items to consider in each quote include the interest rate, length of term, whether the rate is fixed or adjustable, and what points are required. Find a mortgage quote you like, and you’re on your way to getting your new home.