Mortgage rate float down (loan, credit report, fees, mortgage calculator)

[Outlander1]

My lender did a 60 day lock thru GMAC for us on an FHA 30 yr fixed loan
at %5.375. He said that we could do a float down as long as it went
down a quarter point (%5.125 or lower). He said he gets paid on volume
so that it wouldn't matter to his commission? He also said it would cost me around $400 at closing to buy that option. He and his assistant
assured me they would "watch the rates" for me. Every time I see that
they have gone down, like the past two days, I call them and they act
like they "will check them" then they don't get back. I thought they
were supposed to watch them?>????? This could mean significant $$$
over the life of the loan!!! Is my chain getting yanked? How do I know
when I could float down if they don't tell me.

The day I locked the Zillow mortgage marketplace sd MO avg. was exactly
what I locked. I have seen that # go all the way down below 5.125% so
why haven't I heard from them??

[zulu400]

I am actually in the same boat as you are. The rates have been fluctuating a lot and it was pretty good on Wednesday.... yesterday they had a lot of resistance to go down.... today is another day....
If you check with your guys let me know what they say.

[chet everett]

I'd like to hear from VictorB on this, as I believe he is currently working full time as a mortgage broker but in my experience the rates sheets are emailed daily. The specific lender and program(s) are not moving as quickly as they were in times past, and the data that one sees on public web sites are generally NOT tracking one lender / program but instead the "deal du jour"...

That said your lender contact should be able to send you an email daily that confirms rates and direction ...

[Outlander1]

This is a very reputable bank I am dealing with, low fees, great customer
safisfaction. The assistant and the loan guy I am working with, are very
vague. I call her yesterday and said hey what's up with the rates (for the second time) they look pretty low!! She said would look into it. I never heard back.

Wait a minute lady! You are supposed to be watching that already!! WTF.

Maybe I should go over their heads? I don't know. I keep telling/asking
them to watch it, but it's like they are trying not to get me to the lower
rate. I thought it was wierd that the loan guy offered up that he gets
paid on volume so it won't affect his commission to get me a lower rate? I didn't ask about that!

[PokerMunkee]

I'm in the same boat as well, locked in at 5.25%. I really want 5% but the .25% isn't worth losing sleep over.

[Outlander1]

What difference would a quarter point make in the long run, say if I lived
there 10 years? (Going to %5.125 "from" %5.375)

Still haven't heard anything from lender about it, they act like oh it's
only like $7 per month. When I do the mortgage calculator it's more
like $30 per month savings!!

[VictorBurek]

Outlander, you probably heard the phrase before that you get what you pay for. You said a couple posts above that the fees were low, that could be why you are not getting good service. I could be wrong though.

If you are doing a FHA loan, today's rate is 5% with the consumer paying all costs including one point loan origination. If doing a conventional loan, than the rate would be 4.875%.

PokerMunkee, i would be concerned about the .25%. It adds up over time.

[PokerMunkee]

So with 780 credit score and 5% down, I should be around 4.875%?

[Outlander1]

"If you are doing a FHA loan, today's rate is 5% with the consumer paying all costs including one point loan origination. If doing a conventional loan, than the rate would be 4.875%"

Don't know what one point means. I haven't seen anything about paying
points so what should I tell them? At what point to I get p.o.'d that
they haven't called me considering they are supposed to be "watching
the rates for me"?

[PokerMunkee]

How easy is it to change lenders? I have had the appraisal already, inspection already, and now waiting for closing (29 days away). I haven't signed anything with the lender, other than our application. I'm guessing I'd be responsible for the credit report? Could I usee the appraisal I already paid for with another lender? If my current lender cant' get me 5.25%, I'm going shopping for someone that can. I just did the math and it will save me $35/month or $420/year.