pre-approval doesnt mean shit
you still have to meet all loan conditons, appraisal to be reviewed by lender and all other bullshit (title, insurance, inspection )
6.25% might not be bad in the state you are in but it is kinda high
todays a-paper rates are :
30yr fixed is 5.5% , no points
5/1 ARM 5.125%
3/1 ARM 4.75 %
For those looking to flip properties , look into "1 month MTA" currently at 1%. Your payment will be fixed for 1 year at 1%, however, it is a "deferred interest" loan or "negative amortization" which means, your loan balance will be higher than when you started, but at 1% you are paying $964/month on 300,000 loan.
MTA is currently the lowest index and comes with lowest margins.
i am a broker so if u have any q's or if u need a quote, hit me up
[email protected]
i do almost all states..my lenders are Bank of America/Chase/Citi/bankUnited/HSBC to name a few