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I am not closing until 6/29 WAY longer than I had anticipated. My lock expired on the 12th but current rates are lower than what I locked at. The loan officer told me I will get worst case pricing on the 5th day preceding the closing. If rates raise on that date I get the higher rate. If rates are still under my locked rate I get the locked rate.
Is there anyway I can get them to provide me with the lower rate? Any tips or suggestions? Do you think threatening to take the loan elsewhere to get the lower rate would have any effect? I am happy with my rate as is, but of course I would love to get the lower rate if possible.
What I have heard is different, you have 5 days before the actual close date to lock in any rate, if todays rate is lower than your current lock rate, you can have them change it today and lock in the new rate, you don't have to wait, you can change rate any time 5 days before the loan actually closes.
hopefully someone can back up what I have researched.
Quote:
Originally Posted by killerz298
I am not closing until 6/29 WAY longer than I had anticipated. My lock expired on the 12th but current rates are lower than what I locked at. The loan officer told me I will get worst case pricing on the 5th day preceding the closing. If rates raise on that date I get the higher rate. If rates are still under my locked rate I get the locked rate.
Is there anyway I can get them to provide me with the lower rate? Any tips or suggestions? Do you think threatening to take the loan elsewhere to get the lower rate would have any effect? I am happy with my rate as is, but of course I would love to get the lower rate if possible.
Every place I have worked, it's a worse case scenio. Back in the rush of the 1980's we had a sudden drop in rates. Millions of dollars in refi's decided to just let their locks expire and then relock and close after. The purchase contracts caught on, too. We were seeing purchase contracts getting bumped, just so the buyer could take advantage of the rate. Almost the entire country went to a worse case scenario after that.
You could always move your loan elsewhere........if it's a VA or FHA loan, you can force the transfer the case number and the appraisal. If this is something you want to do, do it immediately and make sure where you go can underwrite and close within the timeframe. (lenders that don't have to submit to investors for approval or have the investor close the loan is what you want). But you are running out of precious time. Find someone immediately and go thru the process of assigning the case number. Your current lender may call your bluff and bring you to market. If not, be prepared to jump through hoops to get this done and move now!
I have a conventional 30 year on a co-op. I really don't think there is enough time to actually change lenders at this point as I have to close by the 30th. I was just wondering if just the threat of doing so would work or not. I locked at 5 and rates are now 4.75 so even if I close at 5 that is pretty damn good. As I doubt I will be there longer than 5-7 years or so anyway it really isn't THAT big a deal but I sure would like 4.75.
Rates aren't at 4.5% on a co-op, I can assure you that.
That one word stops me in my tracks - that is specialized lending, that is not readily available everywhere. Ditto on co-op appraisals.
Your attitude is the best.......see the cup have full. Hell, anything below 6 is a steal.
Yeah 4.75 is the lowest in my area for banks that offer co-op loans. Only 2 banks here have that rate. I'll shoot a quick email to the loan officer and see what she says. It is a credit union and she already told me once that they have to do things uniform across the board because it is a credit union and has different rules but who knows if that is really true.
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