Asked by San Jose First Time Home Buyer, San Jose, CA • Fri Apr 24, 2009
I really have three questions. 1. My mortgage broker is saying that volume is so high, lenders are only underwriting purchase loans in contract. This means its practically impossible to get a real pre approval letter before going into contract. Is this true? 2. Right now I can however get a pre qual letter before going into contract. Whats the difference between a prequal letter and a pre approval? 3. Also i'm in a confusing spot because I want to know the interest rate before I make an offer to help determine affordability, but the mortgage broker told me: " Once you are in contract, I can submit your loan for lender approval. At this time you will know the interest rate. Right now we can only estimate it with your credit scores and rates as of todayâ€™s date... Also do not start shopping around for an interest rate on your mortgage. No lender can guarantee an interest rate since you are not in contract." Last question.. does this sound true too?
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