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Does anyone know what the rates will be doing in the next few weeks? If we all had a crystal ball right?? lol. Our closing is getting pushed back a month and our broker wants to lock us in at a rate of 5.875 but this rate is good for 60 days (we can always extend) being that our closing may not happen until July now. He wants to wait a few weeks to lock so we won't have to pay for two extentions but said that he will lock if he sees the rate going up. So any one want to throw in the 2 cents on the rate situation?
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
Today's Par Rate is 5.5% .....you should be aiming for something similar if you have a 740+ score...and 20% equity
Quote:
Originally Posted by MomOfToo
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
The last sentence sounds like you are well on your way to a decision. Ask yourself which is going to affect you more: being disappointed that you missed a 5.25% OR mad that you didn't lock and ended up with 6.375%.
The specifics of the financials are a crap-shoot, but you control your psychological acceptance of the results. If you are truly "just happy to get something under 6%, pull the trigger, and don't second guess yourself later.
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
If you have dealt with your guy before and he has treated you well (sounds like he has), trust in his judgment and go with the 5.875%, then you are sure. Good ones are hard to get but it sounds like he's a good one like several on this forum!
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