How do I know what rate I'm getting?
My husband and I just secured our first pre approved loan for such a large amount. Our lender says that he can’t give us an interest rate until they know the property we’re buying and what condition it’s in. Is this normal practice? I’m having a hard time making offers since I have no idea about the interest rate I’m getting. The rate would be locked BTW once the house is under contract. TIA! by frikazoyd734 from Discovery Bay, California. Mar 21st 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
The lender can't give you the actual final rate until you have the actual house and a signed purchase agreement. But they absolutely can and should easily tell you what you would get today IF you actually were under contract. Very weird and suspicious that they are not telling you today's rate. I'd suggest a second opinion with a different lender. I lend in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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