Yes, you can get a preapproval for a Smart Rate Adjustable Mortgage for purchases.
The Third Federal Preapproval is a FREE process that prequalifies income and credit for a specific loan amount and locks the rate in for 60 days at the time of a Preapproval application. It is a true preapproval, not a prequalification.A Third Federal Preapproval will give you the credibility and clout to get the paperwork rolling faster. You'll know up front how much house you can afford and show sellers and agents that you're a serious buyer, enabling you to negotiate better deals.
Here's a quick overview:
Shop 'n Lock - while shopping for a house, get preapproved and lock in your rate for 60 days. So you don't have to worry about rates going up.
Drop 'n Lock - If rates go down while you're house hunting, lock into that lower rate just for asking.
Match 'n Lock - Find a rate even lower than the one we're offering? We'll match it and even lock it before they will.
Third Federal gives you a free 60-day rate lock after you find your new home. When you convert your preapproval to a full application, you'll get an additional 60 days locked at that rate.