Many mortgage shoppers want to know two things:  how much are fees and what is the rate?  While both are important questions, answers to these questions given by mortgage professionals who don’t know your unique situation are rarely reliable.

Every true mortgage professional knows that it is impossible to quote an interest rate and loan terms to a borrower of whom little is known.  At best, any offered information is a guess.

So, if you call a mortgage company and demand a rate quote before divulging any information about your current situation, please understand that the best you are getting is a generic rate for some loan program that you may or may not qualify for (of which there are literally thousands).  And, when it comes time to lock in your interest rate and loan program don’t be surprised if your options differ from what you were originally quoted.

In order to provide a more accurate quote to your unique situation, a mortgage professional would need to first know about your employment, income, credit history, and financial situation.  Other things like your property type and intentions can also play a factor in what terms you can expect.

The moral of this post is that an wise borrower will find it in their best interests to fully inform their loan officer, so that more accurate financing options can be given to the borrower to make an informed decision.  Without a clear picture of the borrower’s unique situation, various rate quotes by competing mortgage brokers will mean very little when it comes time to close on the loan.