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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (86894)8/24/2007 10:40:35 AM
From: GraceZRead Replies (1) | Respond to of 306849
 
This is how I understand it to be as well. A pre-approval isn't a rate lock. If terms change, the pre-approval means nothing except that you would have been approved on the old terms. To get a real lock, you have to have a contract and make an actual application for credit.

Edit: Plus there is any number of ways out of a lock for the lender. This happened to buyers in droves back at the last peak when rates went from 8 to 10 in about a month.



To: Think4Yourself who wrote (86894)8/24/2007 10:45:30 AM
From: Gary BurtonRespond to of 306849
 
maybe a rush to contract to buy--thereby creating a
sale--by folks with not yet expired commitment letters and who thought-without checking furthur with their banks--that the letters would suddenly be binding on the banks--but come closing will find out funds not advanced--ie maybe august closings will be way dn?


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