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Question: If I lock a fixed loan mortgage today, and then rates drop significantly over, say, the next two months, could I refinance that quickly (after just a few months)? It would be worth the fees if it were a whole point drop. But what are the other details about it? And is it usually best to refi with the original lender?
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If rates drop while your paperwork is being processed - Any ethical lender would rather pass along the lower rate than lose your business. If they are properly hedged - They have made allowances to renegotiate your terms.
You may run into a "seasoning" issue in todays market - If you choose to refi within a few months.
The original lender should be easier - Just pull up the prior application and update the info - But you should get at least one more quote to keep them honest. Maybe even two or three...
Thank you very much! Very helpful to know BEFORE I decide to buy. We are hoping to purchase within the next 2-4 months. Whatever we find will need to be priced/negotiated to at least 20% lower than comp sales today. Maybe even more. I am not a so-called doomer, but I want to be realistic about what I should end up paying for a home. Even if the sacramento market drops lower than 20%, I would be comfortable buying at that level. Todays prices are still evidently too high.
Meet with a few local lenders until you find two you are comfortable with. They should be able to refer you to good buyers agents - Who hopefully have short-sale experience.
If you intend to offer at least 20% lower than comprabale sales don't waste anyones time. If similar properties are selling for say $150,000 why would someone take 20% less than that? If a property is listed 20% higher than the $150,000 then you should offer 20% below the list price not the comprable sales.
It may be semantics but if you are expecting to get 20% below comprable sales you won't have much success.
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