Profile picture for bopper13

Can I get a rate lowered before my closing?

I have a 30 yr FHA at 4.375%.  Since I've locked, the rates have still crept lower.  Can I ask my lender for a lower rate?
  • November 02 2010 - Carol Stream
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for tbro316

Definitely  contact your lender to find out their float down policy. But rates are currently on an upward trend last couple days so it may not make much difference right now.

  • November 04 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes you can always ask and lenders do have a float down policy.  Brokers are limited on what they can do once a loan has been disclosed.  My advice is to speak to  your lender and find out what options if any you have.  The rate you quoted was a good rate.
Good Luck!!
  • November 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for bopper13
Thanks to everyone for the quick responses.  I appreciate it!
  • November 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Bopper13

You can always ask, it can't hurt to try.  Many lenders have a renegotiation policy that allows you the chance to get a lower rate if one is available.  Remember also that if you're working with a broker they may not know if they can get a better rate unless you make them ask.  Lenders don't always advertise this feature (would you?).  Brokers can work with many lenders and it's almost impossible to know all the guidelines with all the lenders.

Good luck.
  • November 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Perhaps if your lender has a float-down policy.  Typically, most float-down policies require a minimum difference of at least .25% between your rate and current market rates.  Will you get the market rate?  Typically no.  They will split the difference at best.  That is fair.  But if they do not offer a float down, a .125% difference does not amount to much in most cases. So don't sweat it. From another perspective, if the rates go up, should the lender call and ask you to take a higher rate? 

  • November 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Many lenders have a float down policy.  Ask your loan officer what his/her company/s written lock policy is.  Best of luck!
  • November 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.