Mortgage Handbook

Home Mortgage Quotes

When looking to obtain a mortgage for a new home or property purchase, it is important to get quotes from several different lenders so as to ensure that you are taking advantage of the most favorable terms possible.

A mortgage quote, provided by a lender, should specify the loan amount and interest rate, and use this information to calculate monthly payments and amortization time. In the case of floating rate mortgages, a change in interest rates can cause one or both of these variables to change without notice.

Once you have obtained a number of home mortgage quotes, from different lenders, it is important to compare them extensively, reading all of the fine print, asking questions when necessary, and possibly consulting with an accountant or financial advisor.