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Lender rating
Since October 2009
You only need to break the first lock and re-lock at the lower rate. The cost depends on the lender and how long you are locking for. Wells Fargo locks you for 60 days at no charge but do charge for a new lock or extension. You may want to check with your lender to see how much it will cost.
Once you lock you are locked in. if rates drop dramatically you may get the lender to drop the rate. Usually you need to relock at a differnet lender and start the process all over again. If the rate your quoted is a good rate go ahead and lock, rates really cant drop much further. More risk that rates will go up.
Lender rating
Since November 2009
To be frank, you cannot get a new rate unless the interest rates drop drastically and they will renegotiate with you- That is highly unlikely as rates are very low. The only way to get a lower rate is to leave the lender you are with who put in time with you and then go elsewhere- Not an ethical thing to do as I am sure you shopped and feel you received the best deal from the beginning. You may want to pay a bit extra to get a lower rate after you locked as that would be an acceptable thing to do.
I always explain rate changes to clients in this way-
Assume you pass a gas station and fill up your car at $2.00 per gallon. You pass by the next day and gas is at $2.02 per gallon. Will the station ask you for the difference back, of course not? The same holds true if you fill up at $2.00 per gallon and gas is now $1.98 per gallon. Can you ask for the difference back?
Lender rating
Since May 2009
They're not dropping.
There may be a day or two that will be lower than the day you lock in; but the lows are going to slowly get higher; kind of like standing waiste deep in the ocean then 30 minutes later realizing you're now 200 feet further down the beach than you thought; very gradual movement.
The $1.25Trillion MBS purchase ends in March. Rates haven't been this low since the 1600s so why gamble on another 1/8% that likely won't happen?
The ones who offer the "free" floatdown understand the economics; they're offering something they know they'll not have to honor.
Lender rating
Since January 2009
Lender rating
Since August 2009
Lender rating
Since September 2009
Lender rating
Since August 2009
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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If I lock in a rate and then the rate drops. How can I get the new rate?
bart100
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