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Frequently Asked Questions
Answer
SproutQuote.com connects you with mortgage lenders that provide their best, personalized mortgage rate quotes.
Think of us as simply an online mortgage comparison and home loan shopping tool.
We give you choice and convenience, and help you find a lender that's perfect for your needs.
To get started, just complete the online request above. In about 30 seconds you'll receive quotes and contact information from multiple lenders.
Who's best? We'll leave that for you to compare and decide.
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Nope. Never.
We won't "pull" your credit. Rather, we connect you with lenders and then let you decide who you'd like to work with.
To get started, complete the online request above. In about 30 seconds you'll receive quotes and contact information from multiple lenders.
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No.
You're under no obligation to accept any of the offers you receive.
Simply complete the online request above, and we'll try and match you with several online lenders in our network. The process takes about 30 seconds, and is a great way to find out what kind of rates you qualify for, as well as estimate monthly payments and amounts.
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Of course!
Be sure to provide them with any offers you have received.
They will compete with each to try and win your business.
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Nope. Never.
Our service is completely FREE to use for consumers looking for a mortgage.
We won't ask for any type of payment information from you.
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The answer will always be: "It depends."
Mortgage rates are rising, and the housing values have continued to climb. This means that buying a home will just continue to get more and more expensive.
However, if your currently paying rent, and you find you can put that same payment towards a monthly mortgage payment and still be within your budget -- then home ownership is definitely worth pursuing. You'll be building up equity in an asset that will likely appreciate over the years.
Also, if you're a current homeowner and you need to relocate, upgrate to a larger home, move to a new neighborhood, etc... just make sure you don't over-extend yourself with your new mortgage payment. A new home can certainly make fiscal sense, but be sure to weight the pros and cons before making the big jump.
If you're unsure what your new payment would look like, that's what we're here for. Complete the short quiz above and get quotes from several lenders. Each will help you calculate your new payment amount -- so you'll know exactly how this will fit into your budget.
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It used to be there was only one reason why you would want to refinance your home - to lower your monthly mortgage payment.
Over the past 12 months, as mortgage rates have begun to slowly creep upwards, there's a couple of other reasons fueling the continued refinance boom. Read on to see if any of these may make sense for you.
Reason #1 - Lower Your Monthly Mortgage Payment
For many who didn't refinance over the last few years when rates were really low, you may find that you may still be able to get a lower rate. The general rule of thumb was that if you could find a rate 1% below your current rate, then a refinance would make fiscal sense. However, with today's low closing costs lenders, you may find that even a 0.25% advantage on a new rate would make sense -- especially over the life of the loan.
Reason #2 - Move to a Shorter Term
Many homeowners are switching from 30-year fixed mortgage to 15-year fixed mortgages. Your monthly payment may jump, but you'll pay off your home twice as fast. Speak with a couple of lenders to find out if it makes sense for you.
Reason #3 - Take Cash Out
For homeowners who have built a lot of equity into their homes over the year, a cash-out refinance may be a perfect opportunity to put that tied up cash to good use. Cash-out refinance funds can be used for home improvements, pay off higher interest debt (like credit cards), pay for school, medical bills -- whatever you current needs.
Reason #4 - Switch from a Variable Rate to a Fixed Rate
If you have a variable rate, now would be a good time to look at moving to fixed rate. Mortgage rates are expected to continue to rise over the next couple of years as the Fed raises rates to fight inflation. Moving to a fixed rate would lock-in a monthly payment.
Regardless of your reason, if you're thinking about refinancing your home, it's in your best interest to start getting quotes from several lenders. With all the National and direct to consumer online lenders these days, you no longer have to wait in line at a bank to get a quote for a mortgage rate. In just 30 seconds, you can provide your details above and start receiving quotes on your timeline.
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A cash-out refinance can help homeowners get access to their home equity that's built up over the years.
This type of refinance may be a perfect opportunity to put that tied up cash to good use. Cash-out refinance funds can be used for home improvements, pay off higher interest debt (like credit cards), pay for school, medical bills -- whatever you current needs.
If you think this may be a fit for you, complete our short quiz above to start getting quotes from lenders. The entire process only takes about 30 seconds.
