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locked in and my lender cant adjust if rates go to 4.250 would i be wise to get another lender

fha locked in at 4.875   if rates at 4.250 (amerisave)  closing end of next week
initial loan amount 153,000
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May 28 2010 - Augusta
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Answers (3)

Your current lender did the right thing by locking your rate when you wanted. Just because rates might be lower does not make it OK to cost your lender $$$ by breaking a lock. Plus rates are no where near 4.25 and never have been unless you are paying a lot in cost. If you switch lenders it will likley take a few weeks to get back to closing and you will need to pay for another appraisal. It sounds like you have a good lender and should stick with them.
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June 01 2010
A lock is a commitment to you as well as a commitment from you.  Would it be ok if your lender raised the rates if they went up? 

There is no 4.25% FHA 30 year fixed rate currently and there never has been in the last 12 years I have done loans. 

You got a fair rate.  Be happy and enjoy your new home.
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May 28 2010
they won't be able to legally close you by Friday if you switch to them now.

Also, your present lender could get you to 4.25% for the same number of points as you'd be paying at the other lender.
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May 28 2010
 
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