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mortage rate lock based on preapproval possible?

spicyfish

By spicyfish
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csrcsr LEGEND

csrcsr

Posted
Posted
9 minutes ago, Ravi860 said:

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

Pre approval tho thy will allow you to get into contract, unless you send that signed contract to mortgage lender they wont lock that day interest rate and the period will be some 30 days 40 days etc, scneario where people have booked one eyar ago they cannpot lock the rate only few lenders with some payment upfornt are locking for 90 days

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macha Celebrity

macha

Posted
Posted
13 minutes ago, Ravi860 said:

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

Correct once you get into contract you can lock-in in treats for more than 90 days but for 90 days and below you don’t have to be in contract 

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