My wife and I are attempting to buy a new (to us, not new construction) primary residence. We have excellent credit, enough to put down 20% or close to it (depending on price), and the intention to sell our current home after we get the new one, which should net us something close to double what the down payment on the new place will be.
We’ve gotten quotes from 3 lenders, and all are basically in the same range for rate/fees, but it’s all either just verbal or comes with fine print saying it’s not a formal offer.
Now we’re ready to make an offer on a place, but it seems weird to me to get into a binding contract to buy without having exact details on what we’ll be in for loan-wise. Is that just normal? I’m sure this is really basic stuff for some people but I have a hard time getting my head around it and of course want to remain respectful of the loan officers but also not get taken advantage of, or end up in a situation where we’re paying way more than we should be.
So when does locking a rate come in? When do we get an exact breakdown of upfront costs? According to the lender, not until the offer is accepted.
Any advice at all on how to proceed would be appreciated. Thanks!