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Should I lock in today at 4.5 30 yr. or let it float til closing in 4 weeks? HELP PLEASE

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May 19 2011 - Bartlett
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May 20 2011
"Just curious---is Ethics not a required course for Realtors where you come from, or is there just no minimum IQ required for a license?"

Sounds like something I would have written. 
Bravo, thumbs up!
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May 20 2011
Profile picture for SoCal_Engr
You could apply at a second lender and lock at 1, float the other.

And, of course, neither lender is going to have any idea of what is going on (i.e.., credit checks, etc.). And, the OP is going to be paying some type of fees at both places, more at the one where he locks.

What a great promo for ReMax. I bet all the other RE outfits would love to give you more exposure.
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May 20 2011

Bob Brandt said:

"You could apply at a second lender and lock at 1, float the other."

When Lenders lock in a loan for a borrower, there are hard hedge costs involved.  Activity such as what you've recommended drives up interest rates globally, and is not in the best interests of a housing recovery or sustained attractive housing finance.

Just curious---is Ethics not a required course for Realtors where you come from, or is there just no minimum IQ required for a license?

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May 20 2011
Profile picture for sunnyview
I wonder how Mr. Brant would feel if he showed his clients houses, sent them listings for months and then had the buyers go direct to the listing agent to make their offer. I bet he would feel differently then.
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May 20 2011
Bob Brandt  "You could apply at a second lender and lock at 1, float the other."

I bet lenders love working their hardest for you and your customers??
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May 20 2011
If you would be equally happy with the rates going up as you would going down, Float.  If your happy with the 4.5% Lock. 

I think anything below 5% is great.
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May 20 2011
You could apply at a second lender and lock at 1, float the other.
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May 20 2011
I can't tell you how many times borrowers have asked me that same question. Each time I ask them the same question. Do you want to be safe or sorry? Inevitability most of the time borrowers who want to float get burnt. So here's the question for you. Do you like to roll the dice? Or are you a sure thing kinda person? Remember, after April 1st, of 2011 we lenders can no longer dig into our pockets to close or save your deal. The rates no north, you pay.

Best of Luck!
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May 19 2011
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I'd lock. I think rates are more likely to go up than down in the next month. This peanut gallery agrees here.
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May 19 2011
You need to make a personal decision under the conditions of your own transaction.  No one has a crystal ball.
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May 19 2011
Lock it...
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May 19 2011
See if your lender could renegotiate a lower rate if the rates improve dramatically.  If they can, locking takes away the risk, but you still can float down to a lower rate if they improve.

Also---Thank you for your service to our country!
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May 19 2011
Profile picture for SoCal_Engr
What does your lender say? And, more importantly, do you trust their opinion?

Besides, too many folks tie themselves in knots over .125 or .250 in rate. What is the "real dollar" effect? In most cases, it's not worth the stomach acid generated while sweating out the "when to lock" game.
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May 19 2011
If you lock you will probably get much better sleep for the next month.
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May 19 2011

If you would be more upset if it ended up going higher and say ended up locking at 4.75% than excited if it went down than I say lock.  Floating = Risk

I suggest lock but no one knows exactly what is going to happen with interest rates.  Everyone has an opinion...

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May 19 2011
Have you talked with your lender today, are they still offering you 4.5%? I ask because that was your quoted rate 2 days ago and the market just shifted yesterday and this morning. The 4.5 rate was too high 2 days ago for a VA loan so see if they will still offer it to you today. It should still pay you a credit.
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May 19 2011
Lock
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May 19 2011
 
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