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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Question about mortgage rate and preapproval
we were preapproved for a mortgage the other day at a particular rate.
we did not "lock" rate in...we just have a preapproval letter stating the amount and the rate and such.
today I see that rates have gone UP.
does that mean, if we were to close today, that there is a chance I would not get the rate we are preapproved for?
in essence, does the rate they quoted me mean nothing until we close?
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Posted 7/18/08 9:49 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Question about mortgage rate and preapproval
The pre-approval is just an approval that you are able to afford a mortgage at a certain amount.
The rate won't come into play until you lock it in and are going to contract I believe.
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| Posted 7/18/08 9:52 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Question about mortgage rate and preapproval
the rate on the preapproval really means nothing. basically, they are just telling you that you are preapproved for a mortgage of XX dollars at an interest rate of X%.
when you get close to your closing date you will lock in at your true interest rate.
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| Posted 7/18/08 9:55 AM |
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CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
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Re: Question about mortgage rate and preapproval
Posted by BlueDiamonds
the rate on the preapproval really means nothing. basically, they are just telling you that you are preapproved for a mortgage of XX dollars at an interest rate of X%.
when you get close to your closing date you will lock in at your true interest rate.
That is correct....your rate doesn't take effect until you lock it in....
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| Posted 7/18/08 10:00 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Question about mortgage rate and preapproval
that's what I thought.
so wooppeeddooo...they could've given us 1% doesn't mean crap!  
thanks ladies.
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| Posted 7/18/08 10:07 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Question about mortgage rate and preapproval
Can you still "shop around" after you're pre-approved (before you close) or do you have to use the lender who pre-approved you?
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| Posted 7/18/08 10:32 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Question about mortgage rate and preapproval
Posted by MrsD06
Can you still "shop around" after you're pre-approved (before you close) or do you have to use the lender who pre-approved you?
you can definitely shop around...and you should! try to get the best deal possible.
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| Posted 7/18/08 11:42 AM |
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