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GoodThoughts
Dreams do come true
Member since 2/12 2259 total posts
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Mortgage rates/process?
DH and I signed a contract on a house last week. The mortgage broker just sent us some documents for DH to fill out and sign. The papers indicate an interest rate of 3.625. Initially, he made it seem as though we'd be more in the 3.5 range. How does this work now? Do we ask the same mortgage broker to shop around? Do we contact someone else? We're first time home buyers, so this is rather confusing.
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Posted 1/27/13 1:26 PM  |
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Prudential Douglas Elliman Real Estate
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Maeve
Member since 6/05 3273 total posts
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Re: Mortgage rates/process?
The rates can vary up and down by day. You can shop around and see if you find a better rate. How long ago did they quote you that rate?
You aren't guaranteed a rate till you lock it in.
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| Posted 1/28/13 2:27 PM |
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Cataverri
LIF Toddler
Member since 9/12 390 total posts
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Re: Mortgage rates/process?
That probably a good faith estimate and im sure your broker has not locked your rate yet. I would not shop around you dont want to start giving out all your info and having other run your credit score. Call your broker and ask him if thats the final rate.
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| Posted 1/28/13 2:57 PM |
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cantwait84
LIF Infant
Member since 5/08 106 total posts
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Re: Mortgage rates/process?
We had the same issue. Apparently rates are increasing, we even verified with a friend in the industry and its true. At first I thought we were getting steamrolled by our broker but it turns out that its true. Figures it would happen as soon as we are buying a house! 
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| Posted 1/30/13 12:44 PM |
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