interest rate//? what stage - 10% down

[pokerpro]

At what stage do you know the interest rate

my wife and I are first time home buyers. We just got the preapproval for our mortgage and will start looking at houses

but how do I know interest rate, or is it too early

our scores are ( Lender Pull of course)

TU 790, 744

EQ 744, 732

EX 750, 742

Also, can you get conventional with 10% down

our perapproval letter states so?!!!

Thanks everyone

[jinca]

I was giving a ball park rate from day one. Yesterday we recieved the "lock" on our rate, a week before close. 

We looked at a 10% conventional for house other than the one we are in contract on, so they are out there. 

[JusdoNit]

Yes.  You also can get a 3% conventional loan.  Not sure what banks may offer it, but some credit unions do.

[tooleman694]

With those scores you will get the best rates.

[pokerpro]

Thank you everyone for your input The preapproval is from a company here in NY Ok, quick question What if my wife and I dont fin the house we are looking for ? How long is the preapproval letter valid for before credit files have to reviewed I just don't want to rush

[Anonymous]

First, your mortgage preofessional should have told you. Second, why are you not asking him/her?

Pre-Approval letters should have an expiration date on it. If they don't then it is not a "Pre-Approval" letter. It is only a "Pre-Qualification" letter. The difference is the Pre-Approval letter has been review by an underwriter and the documentation you provided has a shelf life. The piece(s) that usually has the shortest shelf life are your bank statements and pay stubs, every 30 days. Your credit report is good for 90 days.