U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-14-2012, 03:37 PM
 
Location: Vermont
530 posts, read 1,206,670 times
Reputation: 527

Advertisements

I would love to hear opinions. I am in the proces of a refi at 4.125 for 30 years. I have to decide whether to lock for 30 days, 45 days or float. Tomorrow I find out the average time to close (broker speaks to lender). Any suggestions? I am not a gambler by nature, and I am very income-limited, so to me, locking the rate seems like a good idea.
Reply With Quote Quick reply to this message

 
Old 06-14-2012, 05:14 PM
 
107 posts, read 376,618 times
Reputation: 71
I'd risk it and float.
Reply With Quote Quick reply to this message
 
Old 06-21-2012, 07:51 AM
 
Location: Plano, Texas
1,676 posts, read 6,540,966 times
Reputation: 688
If you are not a gambler, then lock. My advice would be to continue to float til you are within 15 days of closing then lock..15 day locks offer the best pricing.

Also, rates on 30 year mortgages are in the mid to upper 3's assuming excellent credit. Are you paying any closing costs at the 4.125% rate?
Reply With Quote Quick reply to this message
 
Old 06-21-2012, 09:00 AM
 
Location: Vermont
530 posts, read 1,206,670 times
Reputation: 527
Quote:
Originally Posted by VictorBurek View Post
If you are not a gambler, then lock. My advice would be to continue to float til you are within 15 days of closing then lock..15 day locks offer the best pricing.

Also, rates on 30 year mortgages are in the mid to upper 3's assuming excellent credit. Are you paying any closing costs at the 4.125% rate?
I am paying $3200 in closing costs. This is a HARP refinance, which waives an appraisal and allows refinancing an underwater home. 4.125 was not only the best I could get, but the only deal I found in months of searching that would transfer the PMI, which is a huge barrier to a HARP refinance. My credit is great (800) but my income is low, though I have no debt at all except my mortgage, still the DTI is 45.7% and that has made it more difficult. I am not paying any few to lock now. Is it normal for a lock fee to be charged?
Reply With Quote Quick reply to this message
 
Old 06-21-2012, 09:20 AM
 
Location: Boca Raton, FL
5,427 posts, read 8,969,591 times
Reputation: 6996
Smile The closer you get...

Quote:
Originally Posted by jenny1951 View Post
I would love to hear opinions. I am in the proces of a refi at 4.125 for 30 years. I have to decide whether to lock for 30 days, 45 days or float. Tomorrow I find out the average time to close (broker speaks to lender). Any suggestions? I am not a gambler by nature, and I am very income-limited, so to me, locking the rate seems like a good idea.
Jenny,
The closer you get, the better the rate. Rates are great right now. (Who is the end lender?)
Reply With Quote Quick reply to this message
 
Old 06-21-2012, 10:36 AM
 
Location: Vermont
530 posts, read 1,206,670 times
Reputation: 527
Quote:
Originally Posted by Bette View Post
Jenny,
The closer you get, the better the rate. Rates are great right now. (Who is the end lender?)
Bette, just PM'd you.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 08:41 AM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top