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Hey Guys,,,,
Thanks for so many ideas in the selection of home.
I finally selected home and signed the contract today for " To be built home" and by ready at May 2009.
Builder CSR told me that, I have 5 days to select with whom i am going to mortgage; I didnt understand that part at all, looks like I have 5 days to hunt for mortgage rate or hunt for prequalification?
after 4 days, I went to builder and say that I got qualified by 4 banks, without mentioning APR and also by the builder? do they start building or they will ask me to declare that whom i am going with Mortgage????
Please help me out...AREA IS HOUSTON TX, I SIGNED THE CONCRETE AT PEARLAND TX AREA. I AM TOTALLY CONFUSED>>>>>>>>>>>>>>
Geez, NewHomebuyer - did you ever get a Realtor to help you through this? We here on the blog all advised that. Now you seem more confused than before.
hahaha..guys. too dumb start in the question...
anyhow..i wrote wrong,,concrete hehehe..sorry its contract..
I undetstood after i read your replies......
Step 1. Sign the contract - Done
Step 2: Prequalification for the loan - so that builder can start building.
I am in step 2 right now, I spoke with my realtor clearly after your replies. I think I understand so far,
I have contacted 3 lenders for the Prequalification Loan approval letter - for 30 years fixed rate loan.
So far the best one I received is from Bank of America - Again rates cant be locked until closing time. My house closing will be on May 30, 2009.
From bank of america , this is what I received:
5.34% interest 5.47% APR- 1 point buydown - 30 year fixed - $255,000 purchase price - $25500 Downpayment(10%) - No PMI No Closing fee - Lender told me that they will send me the letter to show it to builder.
Guys , I AM IN RIGHT DIRECTION NOW???
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