For most people, a mortgage is the biggest amount of money they will ever borrow. It makes sense, in light of that fact, to get the best rates for your mortgage. Getting a home loan mortgage rate quote before you sign on the dotted line is the best way to get a mortgage that is right for you and your wallet.

Getting a quote is simple, but learning to evaluate quotes is a whole other ball game. You need to know the following tips in order to understand what you're looking at and prepare yourself to get the best rate.

The first thing to know is that you shouldn't just go for the first quote that you get. If this is the first time you're shopping for a mortgage, then you may not know a good deal from a bad deal. Shop around and compare the first rate you get to other quotes. You may find something better. Even if you don't and end up going with your first quote, you'll have the piece of mind knowing that you shopped around.

Watch out for low initial interest rates. More commonly known as headline rates, these rates are deceiving. While the initial rate may be low, they will have ?tie-ins? attached that may make your low rate worthless. Tie-ins are a mortgage company's way to offset their lower profit from giving you a low rate. They may charge you a large penalty if you refinance and switch to a different mortgage lender. Alternatively, they might force you to purchase insurance rate policies that qualify you for the low headline rate.

If the mortgage lender doesn't have any tie-ins, you'll still have to watch out for redemption penalties. These penalties are charged when you switch mortgage lenders. They are in place to compensate the lender for the time they spent helping you. These penalties are usually in the very fine print of an agreement, so make sure to ask about them. Sometimes the penalties are outrageous and mortgage lenders will try to hide them from you. Asking for a quote of the redemption penalties is completely within your right as a borrower.

Finally, if you're being asked to pay for a home loan mortgage rate quote, then you need to be working with another mortgage company. Only unreliable lenders will charge you to get this type of information. You are simply asking them for information, and aren't obligated to sign anything to get a mortgage rate quote.