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Pre-approval and interest rate question

NPbride Posted:

Pre-approval and interest rate question

When you get pre-approved do they automatically lock you into an interest rate for a certain amount of time? I called 1 bank and they said they wouldn't be able to tell me the interest rate until we actually apply for the mortgage. So how do you know which bank is giving you the best deal? Thanks for the help!
LisaT Posted:

Re: Pre-approval and interest rate question

we shopped interest rates around, but we couldn't LOCK a rate until we had signed contracts.

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