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Hello -
I am in the process of house hunting, and put an offer in on a house and in the process of negotiating with seller.
I got pre-approved for 6.7% interest rate: but I'm seeing on this sub rates dipped? I have no idea how any of this works, can someone explain it to me like I'm 5? How do you know if rates have changed? And when do you "lock in" your rate? When you're pre-approved? or only when you formally apply after an offer is accepted? How does one maneuver in this system to get a better rate? Do I literally tell my loan person "I heard rates dropped, is there flexibility to get 6.5%... etc"?
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- 3 months ago
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- reddit.com/r/FirstTimeHo...