There are a few different ways to find free mortgage quotes for a home or business you plan to purchase. Such quotes go beyond just listing different rates and mortgage types that are available, and provide a clearer estimation of the actual cost. Read on to learn more about how to find mortgage quotes…

1. Local Bank Website: Many local banks and credit unions have forms on their websites for requesting a free mortgage quote. These quotes are often instant, and provide information such as estimated closing costs and monthly payments. Some of the questions which usually have to be answered include the mortgage amount, the type of property, and the county or city it is located in. Banks generally do not require registration, personal information, or membership to use this feature. This is arguably the quickest and most convenient method of the three listed here, although it will become more time-consuming as you have to find the web sites and quote features of more individual banks.

2. Quotes Via Telephone: If a particular lending institution will not give an online mortgage quote, its quote tool is incompatible with your web browser, or it is unable to provide an online quote for the type of purchase you are considering, quotes can be requested by telephone instead. The “Banks” category of a telephone book’s “yellow pages” is useful to find a list of local and national banks with branches in the area, along with their phone numbers. Before calling, be sure to determine how large a down payment you can make, and have a pen and paper ready. A disadvantage of this method to find mortgage quotes is that you will have to call during business hours, which can be inconvenient if you are away from home during the day. Many national and local banks offer a toll-free number to use for this purpose.

3. Comparison Services: A number of web-based services allow users to automatically find and compare mortgage offerings from multiple lending institutions. These include lendingtree.com, nextag.com, and others. A downside of many such websites is that they demand more personal information before providing mortgage quotes, and may request an e-mail address or require registration. One exception is the “Compare Rates” feature on bankrate.com, which provides mortgage rate quotes from local and national banks, without registration or personal details. You will not always find the best rates by using these services, so it is a good idea to find quotes using the above-mentioned techniques as well.