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Replies (5)
- Renee Waters, "Renee C Waters"
- Contributions:1
It's to bad your loan officer didn't get you locked. We all have warning signs we look for in the market, and we know when rates are going to increase or decrease.
By law, you are allowed to bail on the loan up to three days after closing. The broker will ask you to cover the cost of the appraisal ($300 to $400) and the credit report ($25).
The good thing is that you then own the appraisal and can take it to the next broker doing your loan.
Rates are decreasing this week. We are already back to 5.25% on a 30 year. We are expecting them to decrease more by next month.
R
By law, you are allowed to bail on the loan up to three days after closing. The broker will ask you to cover the cost of the appraisal ($300 to $400) and the credit report ($25).
The good thing is that you then own the appraisal and can take it to the next broker doing your loan.
Rates are decreasing this week. We are already back to 5.25% on a 30 year. We are expecting them to decrease more by next month.
R
- Dave Skow, "daveskow"
- Contributions:1105
you can choose to do what you want ...depending on circumstances ...you might consider paying for the appraisal ( if one was done) ....sounds like the appraisal should have been delayed as you mentioned your were " waiting " to lock
- Mightymighty
- Contributions:27
Sorry, no appraisal. This is a streamline refinance. Just fill out paperwork and pick a rate you like. Problem is rates have gone up so much Im not sure it is worth doing at this point. Hope they come down in the next few days.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
You should be able to get 5.25% pretty easily today and with a little more momentum 5% will be back.
- Eric Patterson, "Eric Patterson"
- Contributions:27
Mortgage Backed Securities are rallying today and have already broken though their 25 and 200 day moving averages despite the Treasury auctioning off $27 billion in 7 year notes. If Mortgage Bonds close above these moving averages we may see improving mortgage rates in the short term.
Refinance question
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