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Replies (13)
- KyraHoffner
- Contributions:6
I would take it. No one has that crystal ball and most who gamble with there rate always loss. That 6% doesn't cost a point right?
- NJ Jim
- Contributions:2
Kyra thanks for you response.
I was told that the 1% lock fee is credited at closing, below is what is in writing.
1% lock-in fee will be due at the time of rate
lock to guarantee the rate, loan terms, and product type. This fee is imposed typically before commitment and is
refundable if your application for a mortgage is declined and you are not in substantial fault. If your loan application
is approved, and your loan closes by the expiration date of this agreement, your lock in fee will be credited against all
fees and charges due on your loan and will not be an additional fee.
- Andrew Adams, "203K Specialist"
- Contributions:9349
That is typical-if you question it the LO may waive it.
NJ- get it waived! 1% is a lot of money- who is it? Hudson? They annoy me.
Kyra- welcome! I notice you have an idiotic review giving you 2 out of 5 because 'your rates were too high'. Ask the gentleman to review again once he figures out that the other quotes were low-ballers, and you were accurate :)
- shapiroamg
- Contributions:3058
Actually, that rating should be removed. Here is the code for borrowers:
You may rate any lender you've contacted through Zillow Mortgage Marketplace. However, your rating for a lender with whom you've closed a loan carries more weight because you experienced the full extent of the lender's service. So, please rate thoughtfully so that others can benefit from your feedback.
If you contacted a lender, but did not close -- Your rating should be based on how responsive a lender was in providing a quote and follow-through during the process; it should not be based on the quote received.
If you contacted a lender and closed a loan with them - Your rating should be based on how responsive a lender was in providing a quote, finding the right loan for you, the rate and terms for the quote and follow-through during the closing process.
If I were you, I'd flag it for removal.
- Randy Darr, "RandyInnovative"
- Contributions:175
Has anyone actually had a rating removed? I've emailed Zillow 3 times about a rating I received where the borrower never contacted me, but I haven't had any response.
Nice ring Shapiro. :)
- Jeannie Martin, "LoanJeannie"
- Contributions:88
Since there is no such crystal ball.... what I tell my clients is if you are within 30 days of closing and the rate is acceptable to you it is not worth the gamble. In today's market not only would you be risking your rate but for some it could be the entire loan program. We have all seen products judt dry up and disapear overnight.
I tell the same thing to people sitting on the fence wanting to buy and waiting for the "bottom" to save 10 or 20 thousand on a sale price, if the rates climb up you just lost what you thought you have gained. Real estate is a long term investment. Of course you need to buy smart but what I have been seeing in my area are multiple offers where full priced 20% down buyers are being out bid.
- Brian Walek, "Mr. Mortgage"
- Contributions:16
You may want to check if the lender has a float down feature. Not many lenders offer it, but I have a select few that will do float downs on purchase loans. One time float down within 30 days of closing. This way you have the security of being locked, and can get lower if rates actually go down. The Best of Both !
- Nic Netherton, "Colorado Lender"
- Contributions:7219
My crystal ball says rates headed north in the short term, take the 6% and run...
- Carl Henker, "Carl Henker"
- Contributions:755
You should not have to pay up front for 30 day lock? Longer lock terms sometimes require upfront fee.
- frank1003
- Contributions:266
Jeannie, based on your comments, you're possibly the most intelligent person posting here.
Where are rates heading in the next 30 days
I will be closing on a home in about 30 days and can lock in a rate today of 6% on a 30 year fixed.
Anyone have a Crystal Ball?
This is a great site..
Thanks
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