mortage rate lock based on preapproval possible?

[spicyfish]

mortage interst rate lock cheyadam vinnanu , like 45-60 or 90 based on lender for new construction .

Can we also lock the rates if we are looking for a already constructed home based on pre approval?

TIA

[Anta Assamey]

[gudboy]

35 minutes ago, spicyfish said:

mortage interst rate lock cheyadam vinnanu , like 45-60 or 90 based on lender for new construction .

Can we also lock the rates if we are looking for a already constructed home based on pre approval?

TIA

already ready house ki long term lock enduku

[Guest]

Yes

[Aquaman]

contract sign chesthe rate lock chestharu ventane

[pandu123b]

what is the need for rate lock for move in ready home. it will be a direct closing, right.

[Sizzler]

2 hours ago, spicyfish said:

mortage interst rate lock cheyadam vinnanu , like 45-60 or 90 based on lender for new construction .

Can we also lock the rates if we are looking for a already constructed home based on pre approval?

TIA

The standard rate lock through Mortgage brokers is 30-45 days. The rate goes up if you want lo lock for more days. 
 

Lenders through Builders are more flexible who can lock the rate for 60-90 days. Check with your local mortgage brokers and the lender on locking for longer periods.

 

PreApproval is just to certify your credit worthiness to purchase the home.  
 

 

[ARYA]

There is a time frame for rate lock..after that you have to buy down points 

[spicyfish]

3 hours ago, gudboy said:

already ready house ki long term lock enduku

 for not being clear.

got my answer

[macha]

You can do lock in for 3 years, I am not sure you can do it now but I have lock I for 1 year which expires on march  my builder is not yet finished … you can get pre approval based on the contract signed not just for pre approval 

[gudboy]

4 minutes ago, spicyfish said:

 for not being clear.

my question was : lets say I am not looking for new constructions so I want to buy something already constructed and I am still searching for the right one. Can I lock my rate without being property finalized like we have praApproval, can we have rate Pre locked --asking for a friend - because i dont know answer. 

please tittaakandi it might be dumb question

unless you don't have the property details and address that you are going to buy how can they lock the rate?

i think it is just like booking a flight without knowing the destination

 

[gudboy]

Just now, macha said:

You can do lock in for 3 years, I am not sure you can do it now but I have lock I for 1 year which expires on march  my builder is not yet finished … you can get pre approval based on the contract signed not just for pre approval 

macha..bro has no property to buy as of yet..he is still looking

[spicyfish]

3 minutes ago, gudboy said:

unless you don't have the property details and address that you are going to buy how can they lock the rate?

i think it is just like booking a flight without knowing the destination

 

thanks

[macha]

3 minutes ago, gudboy said:

macha..bro has no property to buy as of yet..he is still looking

Understood ya with just preappoval you cannot get you have to be in active contract… may be there are some out in market who can do it … 

[Ravi860]

5 minutes ago, macha said:

Understood ya with just preappoval you cannot get you have to be in active contract… may be there are some out in market who can do it … 

I thought one need to get pre approved first for the amount of house interested in. Once you get pre approval then builder or seller know you can afford home and then allows to go in contract for the house you wanted. Am I wrong?

@csrcsr  more info pls