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Old 09-02-2007, 01:44 PM
 
86 posts, read 236,092 times
Reputation: 32

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Im thinking of moving so the real estate people said get a loan preapproved,sounds ok,so ive went to one place so far on the net,Colorado Federal and they said ok your approved for a straight loan,no down 30 years at 6.4 for 70.000,then called back and said your also good for a va loan zero down at like 6.2.so my question is shouldnt i get some paperwork stating this and get this all locked in?the loan officer said when i find the property i want to give her the address and then she would do the paperwork.also they would only do the loan if it was more than 50.000 and a 30 year fixed rate would have no down,and i should be able to put the closing costs into the loan,sound right?im thinking of applying at more places and i like the va loan to avoid paying pmi.any advise ,thoughts would be appreciated.and yes im looking for a cheaper home in a small town in a different state.
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Old 09-02-2007, 09:45 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,685,353 times
Reputation: 1008
the lower the loan amount...the higher the rate on most loans.

you cant lock in a rate if you dont have a subject property picked out.
normally, they will require a signed purchase agreement.
SOME lenders can lock w/out this info, but hard to find!

If you're approved at 6.4% I would ask what the PMI is...how many points you are paying etc. Same thing with the VA.

If you have provided a full application...and signing the application...

any lender will need to provide you a good faith estimate by federal law

Quote:
Originally Posted by ron17571 View Post
Im thinking of moving so the real estate people said get a loan preapproved,sounds ok,so ive went to one place so far on the net,Colorado Federal and they said ok your approved for a straight loan,no down 30 years at 6.4 for 70.000,then called back and said your also good for a va loan zero down at like 6.2.so my question is shouldnt i get some paperwork stating this and get this all locked in?the loan officer said when i find the property i want to give her the address and then she would do the paperwork.also they would only do the loan if it was more than 50.000 and a 30 year fixed rate would have no down,and i should be able to put the closing costs into the loan,sound right?im thinking of applying at more places and i like the va loan to avoid paying pmi.any advise ,thoughts would be appreciated.and yes im looking for a cheaper home in a small town in a different state.
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