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Answers (5)
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
I like Ray's answer, but talk to your current lender first as they may be able to work with you. They want your business and will want to do the best for you they can. Many lenders/brokers do have feeds. The ones I work with do, and they genuinely want to find the best rate for their clients, sometimes because they need to in order to qualify them for even an entry level house. Rates change several times a day.
If you jump to another broker, you may miss a window of opportunity waiting for them to get to your file. But, if you're truly not happy with your broker or lender's performance, find one who gets those live feeds, and understands your concerns, so they can work with you, and you won't feel as though you always need to change lenders.
If you jump to another broker, you may miss a window of opportunity waiting for them to get to your file. But, if you're truly not happy with your broker or lender's performance, find one who gets those live feeds, and understands your concerns, so they can work with you, and you won't feel as though you always need to change lenders.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
There are some lenders who have a float-down policy if your rate is locked and rates improve during the lock. It's not as beneficial or effective as working with a broker or banker who has access to a live mortgage bond feed and can float your rate down when they are improving and lock in ahead of any potential re-price for the worst.
- Dan Currie, "Daniel J. Currie"
- Contributions:129
You can always withdraw your application and start over with another mortgage banker if the rate falls substantially whereby you would save even more money. You would be not violating any laws. Ethically, as mentioned previously, are you keeping an agreement in good faith?
If the rates truly fall substantially, lenders typically have the capability to relock your rate (usually for a relock fee however) ... if the rates fall that much (typically more than .375%. If you want .125% or .25%, you won't save much more, especially if you have paid an appraisal fee and credit report already.
I agree ... lock your rate now and count your blessings if you get approved. Rates probably aren't falling much more and are subject to increasing as a more likely possibility. I have seen rates increase more than .50% by noon because of unexpected tragic international events or sudden negative financial events.
Good luck!
If the rates truly fall substantially, lenders typically have the capability to relock your rate (usually for a relock fee however) ... if the rates fall that much (typically more than .375%. If you want .125% or .25%, you won't save much more, especially if you have paid an appraisal fee and credit report already.
I agree ... lock your rate now and count your blessings if you get approved. Rates probably aren't falling much more and are subject to increasing as a more likely possibility. I have seen rates increase more than .50% by noon because of unexpected tragic international events or sudden negative financial events.
Good luck!
- wayne lancaster, "funds2"
- Contributions:1177
Why would you lock in a rate if you didn't want to "get stuck with it"? Locking in a rate is to protect you from increases. If you are not interested in protection and are willing to take the risk of rates increasing, don't lock in and see if you made the right decision......
- Marissa & Julianna Stoap, "StoapTwins"
- Contributions:36
This is an important question to discuss with your lender. Certainly now is a good time to consider refinancing if that is a good option for you, because you have the opportunity to lock in a low rate. With interest rates as low as they are, I wouldn't be too concerned with being stuck with the rate your lender can give you. Just make sure your lender explains your rate and repayment very clearly to you so that there are no surprises.
i m refinancing my house if i lock the rate to a certain percentage does that mean im stuck with it
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