What is needed for a mortgage rate

[Anonymous]

We're in the middle of pre-qualifying for a mortgage for an out-of-state relocation.  We have to follow specific rules the relo company has, but one of the processes is securing a mortgage.  We were given three lenders to get quotes from, but none of them are providing what we need to make a decision.  One company hasn't even acknowledged the information we provided them and it's been a week, another gave us an "approval" letter the next day that said how much we were eligible for but left out apparently inconsequential information like, oh I don't know, mortgage rate, estimated monthly payment, etc.  (Just to vent: the lenders are under instructions by the relo company (their rule) not to call us; all three attempted or did call us anyway).

How can we be expected to pick a lender if they won't even provide the information we need?  What is required during a pre-qualification to be told the interest rate on the loan (and I mean even the smallest detail like relo location or shoe size)?  They have credit score/report and income (meaning they can calculate the DTI), loan amounts, and approximate down payment.  What else do they need?

[VALoanMaster]

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@Anonymous wrote:

We're in the middle of pre-qualifying for a mortgage for an out-of-state relocation.  We have to follow specific rules the relo company has, but one of the processes is securing a mortgage.  We were given three lenders to get quotes from, but none of them are providing what we need to make a decision.  One company hasn't even acknowledged the information we provided them and it's been a week, another gave us an "approval" letter the next day that said how much we were eligible for but left out apparently inconsequential information like, oh I don't know, mortgage rate, estimated monthly payment, etc.  (Just to vent: the lenders are under instructions by the relo company (their rule) not to call us; all three attempted or did call us anyway).

How can we be expected to pick a lender if they won't even provide the information we need?  What is required during a pre-qualification to be told the interest rate on the loan (and I mean even the smallest detail like relo location or shoe size)?  They have credit score/report and income (meaning they can calculate the DTI), loan amounts, and approximate down payment.  What else do they need?

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Hi malevolentmuse,

A lender needs the following to quote a rate.

1) Loan amount

2) Location

3) Credit score

4) Property type

5) Loan to value

6) Loan program

You may have to file a complaint with the relo company or go to a manager with each lender assuming you've already asked each lender for a rate quote & you were ignored.

Is the relo company "forcing" you to use one of the 3 companies they referred you to?

[Revelate]

IF this is an internal company relocation (or even a new job relocation) if you can't get what you need as VALoanMaster suggested, this is one of the times to get the HR folks you're dealing with to thump some heads.

The situation sounds insanely stupid from your description.

[JVille]

You do realize that any rate quoted today will change the minute you walk out the door. Rates literally change by the hour until such time as you have a signed Purchase Agreement and can lock your rate in. Rates are driven by Fico Score, loan type, LTV and other factors. Frankly many lenders don’t respond to emailed info, without a Face to Face meeting or a phone interview.