Posted on 06/02/2021

How Many Mortgage Quotes Should I Get? Insights from a Mortgage Company in DeKalb, Illinois

3 minute read

When it comes to finding the right mortgage company in DeKalb, Illinois, it is important to shop around. The more time and effort you put into your hunt, the better your odds of finding the best rate. You are shopping for what is most likely one of the biggest purchases you will make in your life — one that will most likely affect your finances for the foreseeable future. Not putting in the time and effort to find the best mortgage rate is an oversight that can cost you thousands of dollars over the loan term.

Here are some things to keep in mind as you research mortgage companies in Dekalb, Illinois.

What's in this article?

Track Market Averages
Jump
Ask for Quotes
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Negotiate
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Looking for the Best Mortgage Company in DeKalb, Illinois?
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Track Market Averages

You can check out the current mortgage rates from some online mortgage companies, as well as weekly averages from the Mortgage Bankers Association (MBA), Freddie Mac, Bankrate, and Zillow. Keep an eye on these rates for a few weeks to get a good sense of how and why they change.

However, bear in mind that they are just “averages” and are not always indicative of what you will end up receiving. Also, they might be a little outdated since mortgage rates adjust daily. Nonetheless, market averages can still help you better understand what most banks and mortgage companies in DeKalb, Illinois are charging for everyday loan scenarios.

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Ask for Quotes

Do not be surprised if the rates you see on TV or online are better than the quotes you are being given. Often, those are either best-case scenarios or advertising rates aimed to lure you. For example, those rates could be for a borrower with a credit score of 800 and up and a 40% down on an owner-occupied single-family home.

Your loan situation may not look the same, so the mortgage rate you are quoted may not be as good. But don’t worry — that’s why you are shopping for mortgage rates in the first place.

If you like, you can start with your bank to get your foot in the door. They probably know the most about you, so they will be able to provide you with a mortgage estimate or pre-approval letter quickly to determine how much you can afford and at what rate.

Don’t stop there. We recommend finding two or three mortgage companies in DeKalb, Illinois and obtaining quotes from them. See how they compare to your bank and then proceed.

Negotiate

The great thing about receiving multiple quotes is that you can negotiate.

If you have several banks or mortgage companies vying for your valuable business, you can pit them against each other until one comes out on top by offering the lowest rate with the best loan terms.

As you negotiate with multiple companies, it is important to understand the mortgage lingo. When you know what you are talking about, you can confidently negotiate rates and fees.

It is not always possible to make an apples-to-apples comparison, so you may have to do a little math to find the best deal. Remember that, while the price is important, you also need a competent bank or mortgage company that can close your mortgage. Understanding what each quote offers will help you make an informed decision.

Looking for the Best Mortgage Company in DeKalb, Illinois?

If you are looking for an experienced and licensed mortgage company in DeKalb, Illinois, you can count on the professionals at Compass Mortgage. Contact us at (877) 793-9362 or get in touch with us through our website to learn how we can assist you in making informed mortgage financing choices.

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