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Refinance

I started the process of refinancing my home on 9/16/13 and my interest rate was locked at 4.5% for 30 days. Due to the government shutdown we are not expected to close now until the end of this month.  Now, the interest rates have dropped and I would like to take advantage of the lower rates.   Can I? When I mentioned lowering the rate to the company I'm working with they are not really willing to lower my rate.  If we are not closing within the 30 days, why do I have to now pay a higher rate?  Any suggestions??
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October 13 2013 - Rancho Cucamonga
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Some Mortgage lenders do not have a float down policy. That is just the way it is. Depending on the Mortgage program and term, it may or may not make sense to even consider a switch. For example, 4.5% is not a bad rate for a Conventional/Conforming loan with zero orig fee. The best execution rate for this type of loan is between 4.25%-4.375% but it's hard to tell since we don't have a full view of your loan scenario.

For more information, feel free to contact me through my profile.
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October 14 2013
I'm just curious why the government shutdown would cause your closing to be delayed. What type of loan are you getting?
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October 14 2013
The only thing that we can't get are the IRS transcripts from the IRS but that isn't delaying anything. Sounds like you are going through one of the large lenders that takes forever .

A far as lowering your rate, that is why we lock in rates if the market gets worse and the rates go up , it won't change since you're locked. Same goes if the market is better and rates go down. your locked . Can;t have best of both worlds. You can have the option to float but your taking a risk if the rates sky rocket.
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October 14 2013
Sometimes lenders have a float down policy where they allow you to obtain a current lower rate. It seems like your lender does not have this policy which is unfortunate. You should directly ask this lender if they have a float down policy or see if there is anything else they can do about it. If you have a large lender or bank, it may be hard for this to be accomplished. If you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
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October 16 2013
 
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