Originally Posted by T-310
When you get locked into a rate, you can wait until it expires or reapply for the lower rate. As for the roof thing, that can be tricky. You want it on the buy/sell contract but any monies that will transferred will go to closing costs or fees. Try and get it after the fact.
It is correct that no matter whateverclosing cost you get can be used only for closing cost incurred on the loan.
It is best to get the roof improvement done by seller after you purchase or else before the closing.
As far as interest rate is concerned, either you will have to re-negotiate with the existing lender you working with or work with another lender.
waiting for rate to expire is not at all a good idea if you plan to work with the existing lender you working with as once the rate expires they can give you only the worst rate available in last 30 days(there is a worst case pricing which apply)