How to choose from mortgage quotes and next stepsI'm a first time buyer and have some very basic questions.I noticed a wide variety in the mortgage quotes I received from lenders on Zillow.com and am confused. The quotes are for a 30 Yr mortgage, Amount of $130K, Down Payment of $35K.After I submitted the request, lenders immediately responded back with some attractive offers, and here was the 2 best quotes:1)APR 5.192%RATE 5.000%FEES $2,625MONTHLY PAYMENT $698the lender has a rating of 4.7/5.0 and they are almost 700 miles away from where I live.Lender 2's quote was similar:APR 5.164%RATE 5.000%FEES $2,295MONTHLY PAYMENT $698This lender has a rating of 3.3/5.0 and they are almost 1,800 miles from where I live.Neither of the lenders are banks. They are companies I have never heard of. Assuming I do the research and find out they are both reputable, should I go for the company that is closer? Should I then contact one of the companies to "lock in" the rate? (What does that entail really, just giving them my personal information and allowing them to do a credit check?) Or should I quickly do some comparison shopping in my hometown and see if any local bank can match or beat these rates and get preapproved?One more question - what if I end up finding a cheaper house, and need to borrow less, would I still get the rate that they initially quoted?ThanksJune 27 2009 - Chicago00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.