Zillow Advice: Refinance - I paid $350 to lock in a rate of 4.875 yesterday. Could I re-lock if the rate goes down to 4.25? http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ Zillow Advice | Zillow Real Estate True, once you lock you should ... http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ True, once you lock you should stay with the lock. If you think rates will drop do not lock or just tell your broker to float the rate. If you think they will go up then lock and be happy with it.<br/><br/>When you buy a car you dont get to drive it for two weeks and then decide you want a different one and take it back for free. <br/><br/>People are working hard on your <a href="http://www.zillow.com/mortgage/">loan</a> and if you swtich <a href="http://www.zillow.com/directory/lenders/">lenders</a> they do not get paid. Im sure Derek advises his clients to switch to a different company if they arent happy with his products. Thu, 08 Jan 2009 21:50:00 GMT http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ 2009-01-08T21:50:00Z Derek - this is the second ... http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ Derek - this is the second thread you are advising a <a href="http://www.zillow.com/mortgage-glossary/Borrower/">borrower</a> it is ok to lock a <a href="http://www.zillow.com/mortgage/">loan</a> and then just switch to a differnt <a href="http://www.zillow.com/directory/lenders/">lender</a> if rates fall. This is irresponsible and any PROFESSIONAL who has a CLUE what they are talking about wouldnt be giving such bad advice. I guess all the hacks are not completely gone from the industry just yet!!<br/><br/>To the&nbsp;OP - why are you locking&nbsp;the rate if you are not happy with it? That is the point of a lock. Once you lock the rate, it does not change. I can only imagine the look on your face if rates went up and your broker called you to "re-lock" at a higher rate. I am certain you wouldnt be very happy. Thu, 08 Jan 2009 20:36:00 GMT http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ 2009-01-08T20:36:00Z What are your options if ... http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ What are your options if they go up? Thu, 08 Jan 2009 19:50:00 GMT http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ 2009-01-08T19:50:00Z You cannot re-lock with the ... http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ You cannot re-lock with the same <a href="http://www.zillow.com/directory/lenders/">lender</a>, if he is a broker you can lock with a new lender.&nbsp; Why was there a fee to lock? Thu, 08 Jan 2009 15:14:00 GMT http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ 2009-01-08T15:14:00Z You should probably ask your ... http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ <p>You should probably ask your <a href="http://www.zillow.com/mortgage/">loan</a> officer this question.</p> Thu, 08 Jan 2009 14:16:00 GMT http://www.zillow.com/advice-thread/I-paid-350-to-lock-in-a-rate-of-4-875-yesterday-Could-I-re-lock-if-the-rate-goes-down-to-4-25/186203/ 2009-01-08T14:16:00Z