Who/What is Instant Quote Store [IQS]?
Our goal is to deliver the best possible experience and service from the lenders on our network. Our quality assurance (QA) customer service reps conduct a courteous, yet stringent verification call to ensure that the borrower's needs have been met and that everything was professional. The borrowers are then directed to be very receptive while exploring their options and making their decision and finally, to contact us directly if they are not happy with the service from any of our lenders.
Register with Instant Quote Store for more information about our programs.
How do I get started?
From the home page (www.InstantQuoteStore.com), select the loan type you want and complete our targeted online loan request. It takes between 10 to 15 minutes to complete.
It is important to point out, the questions we ask zero in on the precise inquest and qualifying factors that all lenders will examine to equip you with the best possible loan product. You can also contact Instant Quote Store [IQS] @ 1-(972)-76 quote and complete a loan request over the phone.
How do I compare loan offers?
It's important that you evaluate all of the terms of each offer before you choose the one that's best for you. Ask your prospective lender/broker for a Truth In Lending disclosure [TIL]; carefully evaluate the interest rate, APR, points, loan amount, loan term and other details of the loan offer. Because rates change daily, it is important that you compare all lenders you are considering on the same day. It is also important that you ask whether the loan has a prepayment penalty.
Please use the following online calculator to help you make your decision. mookal
How much should I expect to pay for the average mortgage loan?
Before you enter any agreement with a lender, make sure you obtain a Good Faith Estimate or GFE. Closing costs should not exceed 7% of the loan amount. Loan origination and application fee, buying points, title insurance, borrower and lender's attorney, the house appraisal report, escrow funds and others will be listed on the GFE and costs will vary greatly mostly depending on your location.
Does IQS use ethical practices to generate leads?
Yes, of course, we recognize that we are providing services to professional customers and believe that the best way to grow business in a competitive market is through the use of ethical practices and clear communication with our prospective clients. Furthermore, we encourage our clients to use only reputable established lead vendors, such as ourselves.
How will I find out about my loan offers?
One of our trusted lenders will send you an e-mail or call, usually within minutes.
What supporting documentation will lenders require me to provide?
You will generally be asked to support your income with a recent pay stub and the prior year's W-2 Form. Self-employed individuals must support their income with the prior one or two years' tax returns. Funds needed to close the transaction are supported with a copy of a recent bank statement. If proceeds from the sale of another property are being used for the down payment, an estimated closing statement on that transaction will be required to s upport the necessary funds to close.
What is the advantage of a mortgage lender bank vs. a mortgage broker?
A mortgage lender bank may be a local bank, or an online bank, or a bank that is situated just across the U.S. A mortgage lender bank will have their own proprietary products that they will be selling to customers. In comparison, a mortgage broker is an intermediary between mortgage lenders and borrowers. A mortgage broker has access to hundreds of loans and is in position to quickly match you with the most appropriate lender bank and home loan type.
When can a lender lock my interest rate?
On purchase transactions you must have an accepted offer on a property before you can lock a rate. On refinance transactions, you may lock your rate at the time of application.
What are the signs of predatory lending?
Prepayment penalties are a common feature of subprime loans. Unlike conventional loans, less than 5% of which carry a prepayment penalty of any kind, bad credit loans do have very high rates and normally are equipped with prepayment penalties for the next several years after signing the loan agreement.
Exorbitant broker/lender/origination fees are a common sign of predatory lending. With proper loans, those fees can amount to 2-3% of the loan amount. With predatory loans they can amount to 6% and higher; some fees will be hidden up until closing, or made to appear smaller, and additional junk fees can show up at the last moment.
Yield spread premiums (YSPs) are cash paid to the broker for making the borrower accept higher rate than what the lender advertised.
Equity stripping through unnecessary refinancing allows lenders to cash huge closing costs every time a refinance takes place, while borrowers are stripped of equity. At the last refinance, the borrower may end up owing 2-3 times more than the original loan amount they began with.
Why do you need to know my credit score and what does it mean?
In a recent survey, only one-third of borrowers were informed that their credit score meant the possibility of repaying a loan. Nowadays, everyone is using credit scores to determine risk. Low credit scores may get you a very bad rate loan; perfect credit scores help you get the best rates and lenders will be fighting over you.
What does your credit score mean?
Your credit score is a number between 300 and 850.
| Credit Score Range | Meaning |
| 750 - 850 | A is excellent credit |
| 700 - 750 | B is good credit |
| 600 - 700 | C is average |
| 500 - 600 | D is poor |
| 300 - 500 | You don't want to get there! |
If there have been 60 and 90-day late payments on your credit report, your score would drop. Foreclosures, bankruptcies and collections affect your score very badly. Your FICO score can be obtained by the credit reporting bureaus. A 3-in-1 report will pull your score from the three of them. It is not clear exactly how FICO score is calculated. High credit score means that the borrower has no recent bankruptcies, foreclosures and more than 30-day late payments.
How can I find out my credit rating score for free?
Beware of the many websites that offer scoring for free, the offer usually holds for limited time and when it expires, your credit card will usually be charged, and without your permission, on top of that. The best way to find out your credit score/rating - request a score report from one or all the credit bureaus, (Equifax, Experian, and Trans Union) or request a 3 in 1 report with score monitoring; Annual Credit Report is a great place to start.
