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Refin - Locked in but no close rates down further my options

refin in IL. My lender locked me in at 4.625 for 15 year fix (8/26). Now that the rate is down to 4.5 he refuses is to re-negotiate until the rate is 4.375. He says .25 down only then I can get lower rate. Also for 30 year fix - he will give me rates from the date I locked in my 15 yr. The close is not scheduled yet. Please advice. Is the lender taking advantage??? deposit paid
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September 11 2009 - Naperville
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No. You are not being taken advantage of. To me it sounds like you are receiving straight forward information. ..... Good luck, Rudi

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September 11 2009
Profile picture for tgrego
Lender is not taking advantage but does have a cost to relock. It is usually aroung .25 to .50 point.
Now you can go to another lender but you may have already lost that rate. Friday's have ticked higher. Your deposit should be refunded and you own the apprasial.
You would have to start the process all over.

I know it is not the answer you want I just let folks know how it works.
Tony
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September 11 2009
 
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