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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
BK7 Discharge: October 2004 Starting Score: 590 March 2018 EQ & EX & TU FICO Score: 846 & 847 & 850
Goal Score: 800+ across the board | Goals Hit: 3 Active Cards: 2
Gardening Since: October 2015 Garden Goal: Oct 2018
Wish List: | None
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.
Yes. You also can get a 3% conventional loan. Not sure what banks may offer it, but some credit unions do.
With those scores you will get the best rates.
BK7 Discharge: October 2004 Starting Score: 590 March 2018 EQ & EX & TU FICO Score: 846 & 847 & 850
Goal Score: 800+ across the board | Goals Hit: 3 Active Cards: 2
Gardening Since: October 2015 Garden Goal: Oct 2018
Wish List: | None
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.