Loan officer took all my information and wont give me preapproval letter

[Seatown1two]

Filled out an online loan app and sent them my w2s and paystubs.   He ran some numbers and laid out hypothetical scenarios for me.   When I asked what we needed to do to get a preapproval letter he responded with asking my agent to contact him and he will give my agent the letter.  Is this common practice? 

Another question is regarding the numbers he gave.  Do these seem to make sense to all of you experts here?

Conv.  5% down- borrower paid mortgage ins.- $150 month taxes
250k purchase price- 3.875%- $ 1433.00 total payment.
200k purchase price- 3.875%- $1188.00 total payment.

Conv. 5% down lender paid mortgage ins.- $150 taxes.
250 k purchase price-  4.375%-  $ 1395.00 total payment
200k purchase price-  4.375%-  $ 1158.00 total payment

Condo - $100 taxes , $300 dues..
175k purchase price- 4.125%- $ 1235 total payment
200k purchase price- 4.125%  $1350 total payment

[ShanetheMortgageMan]

Normal protocol with most lenders is for the pre-approval letter to be sent to you, as the letter should be addressed to you.  Then you can give it to whoever you'd like, but sometimes your agent will want your loan officer to send it directly to them just to make sure it's legit.  Ask your loan officer if you could also get a copy of the pre-approval letter, I don't see why they couldn't send you a copy.

Regarding the numbers, are you asking if the math is right based on the interest rate you listed, current PMI rates, and $150/mo in taxes?

With a 737 score, the monthly BPMI with most PMI insurers with 5% down will be .73% (can check http://www.radian.biz/page?name=RatesAndGuidelinesNew to confirm).  $237,500 loan amount at 3.875% is a $1,116.81 P&I payment on a 30-year term (any mortgage calculator online should be able to calculate it), .73% of $237,500 per year ($1,733.75) divided by 12 months is $144.48/mo, then you have $150/mo in taxes.  That totals up to $1,411.29/mo... not $1,433/mo.  So something is off, unless insurance is included and it's $22/mo.

You can use the same math to calculate the accuracy of the other payments.

[Seatown1two]

Thanks for the link Shane.. Yeah I was just asking if the math seems to be in the ballpark. The payment amounts he quoted seem to be low compared to the research I did using available online calculators which is why I asked. He also mentioned those amounts were total housing payments so idk.. Guess once I find the property I'm interested in I should ask for a full breakdown.