Interest Rate/Loan Estimate

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  • #71238
    a3-owning2020
    Participant

    I initially received a loan estimate July 11th locking in the 3.125% rate. I just received another one today with the 2.625% rate. Of course I accepted it. Now I’m wondering how many rates will I go through. I am also getting a new construction that is set to be complete in October. I haven’t been submitted to credit access/bank yet. So, is our rate technically not locked in until we close?Will we keep getting LEs with different rates? When I initially asked my MC about the lower rate, she told me I was already locked in so I’m a bit confused.

    #71245
    TTrumble
    Member

    Hello a3-owning2020,

    Your rate will be locked in when the bank app is submitted. Bottom line is to not worry. These rates aren’t going anywhere for a while. You’ll lock in at or very close to the 2.625% rate.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #71246
    a3-owning2020
    Participant

    @TTrumble

    Thank you for your response! So basically, once we get through credit access is when our rate is officially locked? After that, should we expect any more loan estimates?

    #71247
    TTrumble
    Member

    Hello a3-owning2020,

    Yes, you rate will be locked after you have been credit access approved and the actual bank application has been submitted. You might get one more LE along the way.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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