Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for metallurgist

I paid $350 to lock in a rate of 4.875 yesterday. Could I re-lock if the rate goes down to 4.25?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009 - Downers Grove
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

True, once you lock you should stay with the lock. If you think rates will drop do not lock or just tell your broker to float the rate. If you think they will go up then lock and be happy with it.

When you buy a car you dont get to drive it for two weeks and then decide you want a different one and take it back for free.

People are working hard on your loan and if you swtich lenders they do not get paid. Im sure Derek advises his clients to switch to a different company if they arent happy with his products.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009
Derek - this is the second thread you are advising a borrower it is ok to lock a loan and then just switch to a differnt lender if rates fall. This is irresponsible and any PROFESSIONAL who has a CLUE what they are talking about wouldnt be giving such bad advice. I guess all the hacks are not completely gone from the industry just yet!!

To the OP - why are you locking the rate if you are not happy with it? That is the point of a lock. Once you lock the rate, it does not change. I can only imagine the look on your face if rates went up and your broker called you to "re-lock" at a higher rate. I am certain you wouldnt be very happy.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009
What are your options if they go up?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009
You cannot re-lock with the same lender, if he is a broker you can lock with a new lender.  Why was there a fee to lock?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009
Profile picture for oldskoolballr

You should probably ask your loan officer this question.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 08 2009
 
Related Questions
Mortgage company mistake??
Profile picture for wayne lancaster
Latest answer by wayne lancaster
July 12 2012 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1028 Claremont Dr, Downers Grove, IL Home For Sale
    1028 Claremont Dr, Downers Grove, IL 60516

     For Sale: $268,500

    • Beds: 2
    • Sqft: 1800
    • Baths: 3.0
    • Lot: --
  2. 621 Nelson Ln, Westmont, IL Home For Sale
    621 Nelson Ln, Westmont, IL 60559

     For Sale: $645,000

    • Beds: 4
    • Sqft: 3600
    • Baths: 5.0
    • Lot: 7841
  3. 3808 Douglas Rd, Downers Grove, IL Home For Sale
    3808 Douglas Rd, Downers Grove, IL 60515

     For Sale: $300,000

    • Beds: 0
    • Sqft: 930
    • Baths: --
    • Lot: 13700