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how do i approach my lender to get me a lower interest rate?

i am pretty into the process.. approximately 8 days to close is what my lender has told me.  i already have the FHA loan approval,  contingencies have been up and i put a 5k deposit.  i just got a gfe but the interest rate is 3.675% and i think i should get lower. my husbnads credit score is in the 640 and mine is in the 720.  we are not getting any lender credits, i am not sure how interest are calculated.... i am in the bay area CA. 94303 zip to be specific.  i need to know how do i approach the lender to give me a lower interest... i feel like at this point he feels i am the one to loose if i walk away from the loan because of the interest.... but i am the one to loose?
  • April 02 2013 - East Palo Alto
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Answers (2)

Profile picture for CA Direct Lending
I, too, do think that all you can do is plead with the lender to either give you a lower rate or cough up some of the overage in your current rate to give you a credit toward some of your closing costs. 

You shouldn't feel like your lender feels that you are the only one to loose.  Your lender should make you feel as if you're his or her most important client he or she's ever had and that anything less than superior rates and service is a customer service failure. 
  • April 02 2013
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Honestly being that you are so close to closing, you have put yourself at that lender's mercy.  You really should have insisted on locking in much earlier in the process so that you would have time to shop around and/or at least hold that over the lenders head so that he would be obliged to give you a competitive rate.  Even with a 640 score your rate should be around 3.25%.  All you can really do is plead your case and mention the high rate to your realtor (is this the one where the LO and realtor are married to each other).  Maybe the threat/thought of not receiving any referrals will get the realtor to put some pressure on the spouse to do the right thing.
  • April 02 2013
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