03-29-2009 06:09 AM
03-29-2009 07:10 AM
I'm a first-time home buyer, so I've had to pick up a lot of this on the way as well as frantically calling my dad when we were writing up an offer! Here are my best answers to your questions, and someone else can clarify.
So you are pre-approved, which only means that a lender gave your info a cursory look and said he would most likely loan you the money. Sellers like to see this, because it's better than nothing. None of this really matters (at least as far as my situation goes) until you find a house you put an offer on. After the offer is accepted, you have a certain period of time to find financing. This is when you would call around to different lenders (including the one you were preapproved by, if you want) and get good faith estimates. Obviously, you want to find the one who will cost you the least amount in stupid fees/closing costs, as well as lower interest rate. As far as I'm aware, you can't lock up an interest rate until you actually apply for the loan. At that point, if you have a nice lender, sometimes they will hang on to your app and when rates hit what they think is the "low" for the next little while, they will lock you in then. Rate locks usually last like 45 days, I think. Probably depends on the lender. Again, none of this really matters until you have a specific loan amount/found a house.
A broker is a real estate agent who through qualifying exams/money/etc., was able to open his/her own real estate agency (brokerage).
Hope this helps!
03-29-2009 07:18 AM
03-29-2009 11:18 AM
You should get a GFE within 3 days of your application taken & credit run - so if you are pre-approved then that "clock" has definitely started ticking. Has it been more than 3 days? If so then you should have a GFE already, but since you apparently do not have one your loan officer should be able to email/fax you a GFE on Monday for whatever the current rates are. Some lenders will let you lock in an interest rate on a "floating property" meaning you don't have to have an address in mind, but would have to have one within a certain amount of time... but the majority of lenders will require you have a property address, and in the event of a purchase, many will want you to have a fully signed purchase contract.
For the properties you found on your own, contact your real estate agent and ask for further info on the home (they can send you details from the MLS listing) and to set up an appointment to view it - it's as simple as that.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.