Purchase Mortgage Quote Request
(Refi Quote Request)

Borrower:

Print or copy/paste the Quote Request into your favorite word processor.

Submit this Quote Request to the lender/broker with your completed UNSIGNED mortgage loan application AND all three credit reports.

Lender/broker:

Please do NOT run my credit until I decide to apply with you as it will lower my credit scores.

• Borrower name and phone:
  
  
• Fax/e-mail/snail mail quote to:
   
• City, County and State where the property is located:
  
  
• Age of property:
   
• Single Family House, Duplex, Townhouse, Condo?
   
• Purchase Price: $
   
• Down Payment: $
  
  
• LTV (Loan-to-Value):             %
  
  
• # of days to anticipated closing:
  
  
• First-time buyer: yes -- no
  (i.e. you did not own the property you lived in for the previous 3 years)

Circle the requested program(s):

ARM --- FIXED --- BUY DOWN --- VA --- OTHER:

Comments:

Lender/broker - please complete:

Fixed Rate Program:

Rate and points:

Broker fees including ALL processing/garbage fees:

Lender fees:

Other closing costs (excluding lender and broker fees):

Prepayment penalty:

Is the quote based on a "special" limited funds program?

If yes, please provide details as to the availability as well as a the rate/terms for an ongoing program:

ARM Program:

Start rate, margin, index, adjustment periods, life cap, negative amortization:

Special features:

Points:

Broker fees including ALL processing/garbage fees:

Lender fees:

Other closing costs (excluding lender and broker fees):

Prepayment penalty:

Is the quote based on a "special" limited funds program?

If yes, please provide details as to the availability as well as a the rate/terms for an ongoing program:

Important Questions:

• Do you utilize E-mail or fax for important communications?
   
• What types of written loan information and analysis do you provide?
   
• What are the procedures in your company, who will keep me updated?
  
  
• How long to loan approval and when is the estimated closing date?
   
• Do you charge a flat fee or points? Processing or other garbage fees?
   
• Could your fee change? When and why?
  
  
• Will you receive additional fees such as service release premiums?
  
  
• Will you represent me, the borrower, exclusively?
  
  
• Will you provide me with a copy of the wholesale rate sheet to substantiate your quote?

Comments:

Prepared by (Company):

Date:

Loan agent/broker signature:

Fax/e-mail/phone:

Notes:

The borrower MUST provide to the lender/broker the completed UNSIGNED mortgage loan application and the current credit reports from all three credit bureaus.

Obviously not ALL questions apply to every loan. Sometimes additional borrower or property (PUD) info is required to be able to provide an accurate quote.

It is most important that a broker supplies the wholesale rate sheet, communicates (especially conditions, dates, locks and rate quotes) via E-mail or fax and discloses ALL fees and commissions he expects to receive.

It is best to have these questions answered in writing by the lender/broker.  You can also fill out the form yourself during phone/personal interviews, but of course that's a lot less useful.

Don't be surprised if brokers ignore your Quote Request. There are MANY dishonest brokers who have no interest in putting ANYTHING in writing.

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