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Question about mortgage rate and preapproval

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Ophelia
she's baaccckkkk ;)

Member since 5/06

23378 total posts

Name:
remember, when Gulliver traveled....

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?

Posted 7/18/08 9:49 AM
 
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neener1211
:-)

Member since 4/07

22952 total posts

Name:
J

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.

Posted 7/18/08 9:52 AM
 

BlueDiamonds
mommy to 3 boys

Member since 2/07

3885 total posts

Name:
proud mommy

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.

Posted 7/18/08 9:55 AM
 

CityNYGirl
My everything!!!!!

Member since 5/05

2324 total posts

Name:
Betty

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....

Posted 7/18/08 10:00 AM
 

Ophelia
she's baaccckkkk ;)

Member since 5/06

23378 total posts

Name:
remember, when Gulliver traveled....

Re: Question about mortgage rate and preapproval

that's what I thought.

so wooppeeddooo...they could've given us 1% doesn't mean crap! Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon

thanks ladies.

Posted 7/18/08 10:07 AM
 

MrsD06
LIF Toddler

Member since 9/07

478 total posts

Name:

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?

Posted 7/18/08 10:32 AM
 

BlueDiamonds
mommy to 3 boys

Member since 2/07

3885 total posts

Name:
proud mommy

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.

Posted 7/18/08 11:42 AM
 
 

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