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Gator,I hear what you're saying, but putting things "in context" was my point. Yes, over the life of the loan it's going to amount to $14.5K. During that same timespan, you're likely to blow more than that on McD's/Sonic/etc.
Maybe a bit of hyperbole on my part, but the point is...where was that lender with the "better deal" when you needed him (i.e., when you were first looking)? Who was there with the rate/terms/costs you felt were good enough when you started?
There's a cost associated with doing business, and with keeping "good, experienced people" in business so that they're still there 5 years down the road when you need them.
When you get a good deal, and the other person gets to make some money in the process, that's what I see as a win-win. When you squeeze for every last penny, at the cost of the person on the other side of the deal, that's a win-lose. Eventually, the smart people are going to quit playing that game and go find something more profitable to invest their energy into...leaving behind only those who have no real knowledge.Bottom line...It sounds like you got a decent rate/term. Someone can always claim to have a "better deal", but what you have was good enough for you to move forward a few weeks back. Someone worked for the past 3-4 weeks to get that loan closed for you. It sounds like it was a good business transaction with an honest professional, and both ends of the agreement should be upheld.
Gator, your talking about peanuts, keep your deal and run with it, trust me.....
<Diatribe>"Oh....keep your current loan. What I might suggest, however, is to call your lender and tell them you want this lower rate, loans are all negotiable, you might get a better rate or lower fees. I've seen that happen!"Karen,That is the stupidest answer I have ever heard! Sorry, I didn't feel being politically correct was warranted because that response was just dumb! Do you know for a fact that they can refinance so soon after? You have no idea what the terms of this loan are, what the YSP is or if there would be recapture or any other details. "you can probably get what's called a "rate and term" which is a reduction for very low/no fees from the same lender, especially with great credit."What? "Rate and term" has nothing to do with it being low/no cost from the same lender!"loans are all negotiable"Again,I ask ... what? If you can negotiate your loan with your loan officer then they didn't offer you the best deal the first time and you should run away. Everything has a fee. Every fee should be disclosed. There is no negotiating. If rates change and you get a lower rate, that is not a renegotiation, it's a reprice. Rates from any reputable lender are NOT negotiable nor are the fees associated with getting a loan.It's uneducated advice like that from "agents" that cause borrowers to be confused and have unrealistic expectations.</Diatribe>
I agree with the previous post. Keep what you have! To many variables to chase a quote. It sounds as if you were satisfied with the current lender's service and fees.
Keep it!What if ?Your score dropped and you dont know it?2 new comps happened in the last 30 days that take you out of a loanThe new lender cant fund the loan ( just happened to me in Jan, fairly large lender )Lock expires like you have already thought ofNew lien pops up on title that requires time to remove
You probably wont keep the loan for the full term so it's really not $14K.
The 3 day rescission period was created to protect borrowers from unscrupulous lenders that would prey upon them and and get them to refinance on a whim, before they had adequate time to ponder the consequences in an environment free from duress. The 3 day rescission was never meant so you could continue shopping after all the parties involved have expended time and real funds on your behalf and have delivered exactly what you requested. If you decided that you did not want to refinance at all, after considering the cost/benefit, that would be one thing. If you want to cancel what you started because you got a pie in the sky offer, that you may or may not be able to close, then I say that is a misuse of the spirit of the right of rescission.Can you do it ... yes. Should you do it ... no. You also have no idea if you can still get the rate quoted since you have no idea what rates will be Tuesday. You may cancel and end up with nothing.Greed is not good ... it's very bad!
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