Updated over 10 years ago on . Most recent reply
How accurate is a pre-qual letter?
Hi everyone,
I just have a quick question for those that got pre-qualified before getting a loan. The pre-qual letters shows the amounts approved for and the interest rate. How likely is that you will get the noted interest rate or very close to it when actually applying for the loan?
Carlos O.
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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The quoted interest rate is Not meant to be any type of lock. It is merely stated as the rate that was used to qualify you.