Why can't I get a guarantee at the point when I'm pre-approved or pre-qualified?

Mortgage guidelines are constantly changing.  While it remains a good idea to get pre-approved or pre-qualified, it can take several months or more to find and negotiate for the particular house you want to buy.  At that time, your loan officer can check with you to see if your personal or financial circumstances are still the same, and also check to see if any mortgage qualifications have changed since you were first pre-approved or pre-qualified. Once all of that is taken care of, and you lock in your interest rate, your loan officer is in the position to issue you a guarantee.

My loan officer says I don't need a guarantee.

Maybe that's something you should decide for yourself. Here's an idea to help you do that. Just speak with a loan officer who uses our system. Pay attention to the quality, quantity and type of questions he or she asks you. Compare those questions to the ones that the typical loan officer asks. Once you see the level of effort that one of our licensees puts into making sure your entire financial picture is documented thoroughly and correctly, you'll understand why lenders who participate in The Guaranteed Mortgage Quote™ are willing to put their money where their mouth is.

How can mortgage companies get away with breaking their promises? Why do I need a separate guarantee to get treated fairly?

The "promise" also known as the Loan Estimate, is not really a promise at all. It is, in fact, an "estimate". Your loan officer makes his or her best effort to find a loan program that you look like you qualify for, but "looks" can be deceiving. Once your loan application reaches the Underwriter, every last detail of your application is scrutinized to make sure it matches the loan requirements exactly. And if it doesn't, the "promise" gets broken and you're faced with perhaps a bigger down payment, a higher interest rate, or worse, a complete mortgage turndown.

Why does this happen? It's simple. Not every mortgage professional is an All Star who works diligently to ask you all the right questions and ensure that everything is covered so your application sails through Underwriting without any changes. How can you find an All Star? That's also simple. Just chose a mortgage professional who offers The Guaranteed Mortgage Quote™. That way you can be sure you are working with someone who has so much confidence in their abilities that they are willing to write you a check if they don't deliver you a mortgage with the initially promised terms. 

Does this mean that a mortgage company offering The Guaranteed Mortgage Quote™ never makes a mistake?  Of course not.  But ask yourself who is more likely to do everything in their power to close your mortgage properly: A company that just loses the closing if things go wrong, or a company that not only loses the closing but also has to write their customer a check? Once you've answered that question, click here to find a lender who participates in The Guaranteed Mortgage Quote™.

I see other mortgage companies offering guarantees.  How are they different from The Guaranteed Mortgage Quote™?

Read their offer carefully. When you do, you'll see that the other company may be guaranteeing nothing more than your closing date. That's no guarantee that you'll be closing with the original terms you were promised, or even that your loan will close at all. Some companies guarantee that their closing costs will be exact to the penny of what you were quoted. That's all fine and good but, again, it only applies if you actually close and it doesn't protect you from your interest rate, down payment, or other terms changing from what you were told when you applied. The only guarantee that protects you from changed mortgage terms is the one you get when you choose a lender who participates in The Guaranteed Mortgage Quote™. If that's the kind of guarantee you want, click here to find a participating lender.

How much money will I get if my mortgage company makes a mistake on my mortgage that triggers the guarantee?

Each mortgage company is free to set the amount of guarantee payments they offer.  You can look at the amount of the guarantee you are offered along with other variables such as interest rate, closing costs, and APR when deciding which mortgage company to apply with.  Please understand that any company offering The Guaranteed Mortgage Quote™ is identifying themselves as one of the most professional mortgage firms in America, no matter what level of financial guarantee they offer. Click here to find a lender who participates in The Guaranteed Mortgage Quote™.