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Lock or don't lock?

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June 09 2009 - Columbia
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Wayne she said FHA, for the first time, after I said two places. See my comment below. I also am due no respect. I have collected it all, and spent it. Thanks though. You are a good dude.

Poster
Ouch! The parceling out of your information makes it harder for us to help.You need to lock, or look for ways out.

The traditional way out,for people in your situation is to use the financing contingency in the contract. If it says, and most do, that the financing must be "acceptable", or at a certain rate, then you could gte out of sale. You will lose the money you've spent. If you close at a payment you can't really afford, you stand to lose way more. You should be able to recoup your deposit.

If the Seller is desperate they may renegotiate. Use Seller concessions to buy rate down.You need to be bugging your agent and lender about this. They can help you better than we can, if they are willing. There is nothing the internet can do for you. I know none of this is what you want to hear. I'm feeling for you.

P>S> 6.3% is too high. 6.00% should be attainable.
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June 11 2009
With all due respect to Hamp, when you are going FHA, your lender must secure an FHA case number which will prevent you from applying with more than one lender.

Good Luck.
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June 11 2009
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I am closing by July 23rd and have to provide commitment letter by 06/30. I waited on rates to go down. What are my options please let me know. Financing a $323k home on FHA loan. All approved but waiting on the rates. My LO mentioned to me that its 6.3%..I am seeing over the past week rates right below the nose jumping from 5% to 6.3%. I am almost in tears losing lot of money on house for inspection, deposit etc. Please help..I need a word of advice as a first time home buyer.
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June 11 2009
You need to secure a mortgage NOW! Erratic is an understatement. Rates are under tremendous pressure, NOW. Can you close sooner? If it can be arranged? It may take until July 24th.

You need to be in line, already. You can apply at two places, lock at one, float at another. Ethically sketchy, but all's fair in Love ad Mortgages.
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June 10 2009
Profile picture for jschnyderite
how long do you consider further out?  i close july 24..need to secure morgage by july 8 as per contract
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June 10 2009
Tough call.........been doing this for eons but can only say candidly if you can live with the payment.....Lock.

I respect Hamp, but in this market things are very erratic.

Go with your gut instinct.

Good Luck


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June 09 2009
I'd suggest locking.  Here's why....

The interest rates you see quoted by lenders are based on the yields of Mortgage Backed Securities, or MBS, that are traded in the bond market.  These traders are very averse to any news that indicate even a hint of inflation.  So pretty much any news that shows the economy is rebounding will make  MBS yields and mortgage rates increase.

The rule of thumb is:
Good economic news = bad for rates
Bad economic news = good for rates

Even bad economic news can be interpreted as 'good' if it is better than expected.  So, for rates to get better we need to see figures on areas such as retail sales, industrial production, durable goods orders, CPI, PPI, housing starts, non-farm payrolls, et. al. come in worse than expected.  The trend lately has been for better than expected news with pockets of downright good news.

On top of this, the FED has been (and presumably will continue) buying treasury securities at the weekly auctions.  This is a 2 sided coin.  While creating demand (albeit artificial) pushes the securities price up and yield down in the short term, they are printing money to buy them which is inflationary in the long term.

Oil is also a strong inflationary indicator and the fact that it just settled at over $70/barrel for the first time since November isn't helping.

I hope I am wrong, but I don't think we'll see 30 year fixed rates in the 4's for quite some time, IMHO.
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June 09 2009
333Kathy
Don't call your source and insist on locking first thing in the morning. Rates should be at least equal to today's close, tomorrow morning. You need to be having daily, or twice daily, confabs with your Loan Person, about this matter. Especially, if you are within 20 or 30 days of closing. If you are 90 days out, God only knows, and he is not saying.

Tomorrow is a big day for rates. If you are in Columbia, SC, I would be glad to assist, if you feel uncertainty. Email me at my profile address, if you want to. You need to be making some phone calls tomorrow, if you are floating along right now.
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June 09 2009
Profile picture for shapiroamg
Closing soon, lock. Closing further out, dont lock.
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June 09 2009
 
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