Is Getting a Mortgage Quote Free, With No Obligation?
Yes. Asking for a rate quote isn't a loan application, and it doesn't commit you to anything. Federal rules also keep lenders from charging any fee, other than a credit report fee, until you've received a Loan Estimate and said you want to go ahead. If you don't like an offer, you simply don't act on it; there's nothing to cancel.
Last updated September 29, 2026Is a rate quote the same as an application?
No. Under federal rules, you've applied once you give a lender six pieces of information: your name, income, Social Security number, the property address, an estimate of its value and the loan amount you want. That's what triggers the lender's duty to send you a Loan Estimate, the standard form showing the loan's terms and costs, within three business days.
Talking through rates and general numbers is shopping, not applying. You can ask questions and compare offers without starting a formal file.
Do I owe anything for a quote?
No. A quote doesn't obligate you to that lender or loan, and the lender can't charge you fees beyond a credit report fee before you have a Loan Estimate and choose to proceed. So you can compare several lenders before deciding.
What if I don't act on an offer?
Nothing needs to happen. You don't have to decline formally or notify the lender. An unused offer lapses on its own, on a timeline that depends on what it is.
It depends on your situation:
- A basic rate quote: it has no set expiration, but rates move daily, so it goes out of date quickly.
- A pre-approval letter: often good for 30 to 90 days, depending on the lender.
- A rate lock: tied to its lock period, commonly 30, 45 or 60 days, and it expires if you don't close.
| Asking for a quote | Not an application; no obligation |
|---|---|
| Giving all six details | Counts as an application; a Loan Estimate is due within three business days |
| Fees before the Loan Estimate | Only a credit report fee |
| Not going ahead | No notice or cancellation needed |
| Pre-approval letter | Often 30 to 90 days |
| Rate lock | Commonly 30, 45 or 60 days |
Related questions
Sources
- https://www.consumerfinance.gov/rules-policy/regulations/1026/2/
- https://www.consumerfinance.gov/ask-cfpb/what-information-do-i-have-to-provide-a-lender-in-order-to-receive-a-loan-estimate-en-1987/
- https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/
- https://www.consumerfinance.gov/ask-cfpb/my-loan-officer-said-that-i-need-to-express-my-intent-to-proceed-in-order-for-my-mortgage-loan-application-to-move-forward-what-does-that-mean-en-1989/
- https://www.consumerfinance.gov/owning-a-home/explore/
- https://www.consumerfinance.gov/owning-a-home/explore/get-a-preapproval-letter/
Sourced from licensed loan officers and brokers in the FreeRateUpdate network.
Educational information only, not individualized financial or legal advice. Program details and rates change; verify current terms with a licensed loan officer before making a decision.