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We are closing tomorrow & I see the rates are now @ 4.125% whereas we are @ 4.625%. I've left a VM with my lender to see if they'll re-*** the rates but is this even possible now.
Many lenders charge you to float down and the difference might not be worth the cost of the float. Look at all the numbers involved. Also, when you lock a rate, that's the risk you take. Sometimes you win with rates going higher, and sometimes you lose with rates going lower. Just like the stock market.
If you are closing tomorrow, just proceed as there is very little you can do. I learned in the past that there is a point where you start chasing the rate. Yes, the 1/2 percent may seem significant but rates do fluctuate. You are too far along your purchase to be playing around with rates now.
If you are closing tomorrow, just proceed as there is very little you can do. I learned in the past that there is a point where you start chasing the rate. Yes, the 1/2 percent may seem significant but rates do fluctuate. You are too far along your purchase to be playing around with rates now.
I'm going ahead with the purchase but I'm looking to learn from what others in a similar situation have done.
My options:
1. Is there a way which shall force the lender to float down the option post closing? ie., refinance within days of closing.
2. Can I initiate any formal complaint against the lender? If yes, how?
3. Any other strategy that I can try to have the lender change the rate.
What does your original rate lock say? Unless you have something in writing, you really don't have a case.
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