Quote:
Originally Posted by MillerTime GFG
Depending on who your pre-approval is with, they will automatically give you the lower rate between your pre-approval rate and whatever their best rate is once the deal goes live. (ie - You have an accepted offer on a house)
Some lenders will honor that only at request though - which would be up to your broker/mortgage specialist. Of course, having a pre-approval with a lender doesn't mean you have to stick with that lender if you're confident you'd get approved elsewhere as well.
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They will give us the lower rate if rates go down.
However, for arguments sake lets say they gave us 3.39 on pre-approval and their advertised rate is 3.49.
If I negotiate now, say I get them down 0.1% to 3.29. But what if within the 120 days rates drop 0.2%. They come back and say the original 3.39 is now 3.19.
If I negotiate later, I'm better off as I should be getting 0.1% down to 3.09.
If rates don't drop I can still likely get 3.29. Thoughts?