As you move through the mortgage process, you’ll receive different documents and updates from your lender. Two that can sound confusing are email quote and Change of Circumstance.
They both provide information about your loan, but they happen at different stages.
You receive an email quote before applying for a loan. It is an informal snapshot of the rate and payment based on certain assumptions..
A Change of Circumstance happens after you’ve applied and only if something in your loan details changes. Your lender must issue a revised disclosure when this happens.
Understanding both helps you stay organized, informed, and confident as you move through the mortgage process.
Key Takeaways
Email Quote:
An informal rate and payment estimate from a lender based on self-reported financial information — shared early in the shopping phase.
Change of Circumstance (CoC):
A federally defined event that requires your lender to issue a revised Loan Estimate. This happens when key loan, property, or borrower details change after you apply.
Biggest Difference:
Email Quote = early snapshot.
Change of Circumstance = mid-process update.
💡 Pro Tip: When a Change of Circumstance results in a new Loan Estimate, upload it to Fincast — where vetted lenders can review your offer and may present more competitive terms, all without extra credit pulls or spam.
What Is an Email Quote?
An email quote is one of the first communications you’ll receive from a lender when you start shopping for a home loan.
It’s an informal, non-binding estimate based on limited verbal data — such as your income, credit score range, and desired loan amount.
Because lenders base it on assumptions rather than verified details, you should only use it for initial comparison.
An email quote typically includes:
Estimated rate and APR
Loan type and term
Approximate monthly payment
Basic assumptions (credit, down payment, property type)
Rough estimate of closing costs
👉 Think of an email quote as your early preview — a quick, convenient way to gauge what you might qualify for.
What Is a Change of Circumstance?
A Change of Circumstance (CoC) occurs after you’ve applied for a mortgage and received your official Loan Estimate.
Under federal TRID (TILA-RESPA Integrated Disclosure) rules, certain changes to your application or loan details require a lender to issue a revised Loan Estimate — updating your costs and terms.
This ensures your disclosures stay accurate and compliant as your loan progresses.
Common examples of a Change of Circumstance include:
You change your loan amount or loan program
The property address or appraised value changes
You request new terms (like increasing your down payment)
Your income, assets, or credit profile changes significantly
A new regulatory or documentation requirement arises
👉 Think of a Change of Circumstance as a mid-process adjustment — it keeps your loan disclosures accurate when key details shift.
Email Quote vs Change of Circumstance: Side-by-Side
Feature | Email Quote | Change of Circumstance (CoC) |
|---|---|---|
When It Happens | Early — before applying | After you’ve applied and received a Loan Estimate |
Purpose | Provides a quick rate and payment preview | Triggers a revised Loan Estimate when details change |
Verification | Based on self-reported info | Based on verified application data |
Regulation | Not federally regulated | Federally defined under TRID rules |
Best For | Early rate comparison | Keeping your disclosures accurate mid-process |
How Should I Use Both When Buying a Home?
Each document serves a specific role — one before your loan application, and one after.
Step 1: Start With Email Quotes
Ask a few lenders for email quotes to compare rates, payments, and loan options before choosing a lender and applying for a loan.
Step 2: Apply for Your Mortgage
Once you’ve chosen a lender, submit your application. You’ll receive your official Loan Estimate within three business days.
Step 3: Upload to Fincast
Whenever you receive a Loan Estimate, upload it to Fincast. The platform benchmarks your deal across vetted lenders to ensure your loan has the best possible rate — with no credit impact.
Step 4: Monitor for Changes
If anything about your loan or financial situation changes, your lender may issue a new Loan Estimate triggered by a Change of Circumstance. If this occurs, use Fincast to benchmark your new Loan Estimate to ensure you still have the best deal for your situation.
Step 5: Review and Confirm
Always review revised Loan Estimates carefully. Ensure that any changes are clearly explained and valid under federal guidelines.
Why Both Matter
Your email quote starts the loan process by providing a snapshot of potential rates and terms.
Your Change of Circumstance ensures transparency when your loan evolves.
Together, they keep you informed from your first inquiry to your final approval — protecting you from surprises and ensuring compliance along the way.
Shop Real Offers Effortlessly Using Fincast
When a Change of Circumstance leads to a new Loan Estimate, it’s the perfect time to double-check your deal.
Upload your Loan Estimate to Fincast, and the platform benchmarks your offer against vetted lenders — helping you identify stronger deals or unexpected costs in seconds.
✅ No multiple applications
✅ No extra credit pulls
✅ No spam
You’ll see exactly how your updated offer stacks up — before you move forward.
FAQs
1. Can I have a Change of Circumstance before applying?
No. It only applies after your Loan Estimate.
2. Does an email quote guarantee my rate or costs?
No. It’s an informal estimate that can change once the lender verifies your information.
3. What triggers a valid Change of Circumstance?
Changes to your loan amount, property, financial profile, or key loan terms.
4. Will a Change of Circumstance always increase my costs?
Not necessarily — it depends on what changed. Some updates can reduce fees or payments.
5. How does Fincast help?
Upload your latest Loan Estimate to Fincast, whether it’s your original or an updated one. Fincast benchmarks your deal against vetted lenders to confirm that your updated offer remains competitive — all without additional credit checks.
Bottom Line
Email Quote = early exploration.
Change of Circumstance = mid-process correction.
One helps you start; the other keeps you informed as your loan evolves.
With Fincast, you can verify that each version of your Loan Estimate — from first to final — is as competitive as possible before you close.
Pro Tips (Save These!)
✅ Don’t rely on email quotes for final numbers — they’re preliminary.
✅ Review any revised Loan Estimate carefully after a Change of Circumstance.
✅ Ask your lender to explain why a change occurred and what it affects.
✅ Upload each new Loan Estimate to Fincast for transparent benchmarking.
Action Checklist
☑️ Request email quotes from several lenders
☑️ Apply for your mortgage and review your initial Loan Estimate
☑️ Watch for Change of Circumstance updates
☑️ Upload each new Loan Estimate to Fincast for instant benchmarking
☑️ Confirm changes are valid and stay confident through closing
👉 Ready to stay one step ahead? Upload your Loan Estimate to Fincast and see how your updated offer compares today.
Disclaimer: Nothing in this content should be considered financial advice. The examples and data shared are for general information only and may not reflect your personal situation. We do not guarantee the accuracy or completeness of the information provided. Always do your own research and speak with a qualified financial advisor before making any financial decisions.
