If you're not ready to go in too deep with one specific lender, but you'd still like to know what rates and costs they can offer, this is how I'd approach it.

(I'm a mortgage broker, and the majority of people I help happen to be first time buyers)

Use this checklist

This checklist is designed for you to fill it out, and then email the loan officer with all of the information pre-filled out.

This should make it easy for you if you plan on getting multiple quotes from multiple lenders.

"I believe this has everything you should need to give me a quote, but reach out if you should have any questions"

Boom, send to each loan officer, wait for the quotes to come back.

Be firm in your request

"I'm not looking to get pre-approved, I'm just looking for a basic quote."

A lot of loan officers are trained to require a full application before giving numbers. They know that the further you go in, the more likely you'll continue.

They learned it from the Netflix effect. It's easier to let the next episode play, than it is to stop it and turn it off.

It's easier to continue with the lender that already has an application, than it is to switch lenders.

But hold your ground. If you don't want to take a full application, then don't.

The minimum required

If you plan on shopping around with rates before you find a house, then at least keep this criteria consistent. Also, try to get all of your quotes gathered on the same day. Mortgage rates move up and down daily like the stock market.

Here is the info that I personally need to get an accurate quote:

The city and state

Surprisingly, rates vary by state.

If you don't want to give the city, then at least give the county. Each county has its own median income. Median income is an important measurement when determining rates for first time buyers.

Purchase price and money available for down and closing costs

Give a target purchase price and the amount of money you have saved up for the down payment and everything else.

If it's important to you to pay 20% down to avoid mortgage insurance, then let the loan officer know. (20% is not required btw, I don't want to feed a myth)

If you don't know what percentage you want to put as a down payment, then just give a dollar amount. That's enough for the loan officer to provide options.

Credit score

Give an exact score. Don't give a range. Some loan officers will take the high end of your range. Others will be conservative and offer rates on the low end of your range.

Loan officers may also tell you that they need to pull your credit to get the exact score, because the credit scoring model they use is different from the one you'll see on your banking app.

And they're right. But still, hold firm, you can still get a quote with an assumed credit score. And if every lender uses that same score, it will be easy to compare.

If you're applying with a spouse, then include your spouse's score. Use an exact score there too.

Annual income

The annual income matters. First time buyers get better rates if they can qualify with 80% or less of the area median income. USDA loans have income caps.

When you give your income, make sure to break it down. Example

My income:

  • $84,000 salary

  • $10,000 annual bonus

  • $5,000 annual commission

My spouse's income

  • $5,000 salary

  • no other income

It's important to break this down, because maybe you can qualify with just your salary. And maybe that salary is below 80% of the area median income. And maybe that gives you much better rates and terms than qualifying with bonus, commission, and spouse income.

USDA factors in spouse income regardless.

Income figures like this are important for your rate.

If you're self employed and don't know your income, then be prepared to send in your taxes.

Your debts

Debts are important too. The loan officer may try to qualify you for better rates by using just your base salary, avoiding including your bonus income or your spouse's.

But if you have debts, they may push the DTI ratio too high to qualify for those better rates.

So give a list of all of your debts. Balances and monthly payments

Even your student loans that have a deferred payment.

Mortgage underwriting calls for a certain percentage of your student loan balance to factor into your debt to income ratio.

If you're including a spouse, then list your spouse's debts too.

Debt to income ratios can affect your mortgage insurance quotes too.

Your first time buyer status

If you are a first time buyer, that could affect rates positively. If you haven't owned a property within the last 3 years, then you are labeled a "first time buyer"

Let the loan officer know this.

Occupancy type

If you're buying an investment property, then rates will vary significantly.

Let the loan officer know if it will be for your primary residence, if it's a rental, or if you're planning on making it a vacation home.

Something else that might help

If you have your eye on a specific property, then give that listing to the loan officer. "Give me a quote on this property"

This will help them give you an accurate property tax payment in the quote, and could help with an estimate on homeowners insurance.

Rates can vary by property type (Condo, Townhome, Single Family Residence)

USDA fluctuates its income limit depending on how many dependents you have. Include how many dependents you have if you're considering a USDA loan.

Remember, you don't HAVE to do an application to get a quote.

Good luck! I'm rooting for you.