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Old 10-01-2013, 08:25 AM
 
472 posts, read 397,210 times
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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.
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Old 10-01-2013, 08:28 AM
 
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Just because there are loans for 4.125 doesn't mean you qualified for that rate.
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Old 10-01-2013, 08:33 AM
 
472 posts, read 397,210 times
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I know that but the lender had said that they 've a float down option (rate going down by .25% or more). So, the rate delta is now more than .25%.
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Old 10-01-2013, 08:56 AM
 
Location: Southern California
4,350 posts, read 4,935,999 times
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There might also be a requirement of how much time is left. Is it a purchase or Refi? Keep calling your lender and hold them to it.

How do you know the rate dropped, did you lender quote it to you? Are the rates for the same lock period?
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Old 10-01-2013, 09:37 AM
 
Location: Austin
7,078 posts, read 16,898,623 times
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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.
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Old 10-01-2013, 11:38 AM
 
Location: New Hampshire
1,137 posts, read 1,144,018 times
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Quote:
Originally Posted by Electrician4you View Post
Just because there are loans for 4.125 doesn't mean you qualified for that rate.
If he got the best rate of 4.625 at the time he would get the new lower rate.
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Old 10-01-2013, 02:18 PM
 
472 posts, read 397,210 times
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Lender is saying time to ask for float down expired last Friday (how convenient?) What are my options?
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Old 10-01-2013, 02:35 PM
 
Location: Mount Laurel
4,146 posts, read 8,386,199 times
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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.
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Old 10-01-2013, 02:45 PM
 
472 posts, read 397,210 times
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Quote:
Originally Posted by sj08054 View Post
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.
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Old 10-01-2013, 03:16 PM
 
Location: Mount Laurel
4,146 posts, read 8,386,199 times
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What does your original rate lock say? Unless you have something in writing, you really don't have a case.
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