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Old 06-03-2010, 04:41 PM
 
79 posts, read 237,669 times
Reputation: 44

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We are in the same boat. My loan was already extended once at 5.2% which cost a little over $800. We then found out that the rates were dropping so instead of extending again we asked or loan officer to float down the rate and do another extension which he was able to do for another 10 days at 4.85% however this cost another $700 dollars. Now that the 10 days are over as of today and we are actually having to extend again since this escrow is taking forever to close. We won't know till our loan officer gets back to us to find out how much and how many day he will extend again.
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Old 06-05-2010, 08:38 AM
 
61 posts, read 238,921 times
Reputation: 40
Quote:
Originally Posted by my1sthome View Post
Just tell them you got 4.75% from Citibank or LendingTree, etc and see if they can lock you in at this same rate again today with 0 Pts... if they can't give you the same rate (made up based on today's rate market), they'll at least try to lower down the lock extension.

I got 4.75% with 0 Pts from BOA because I just said Citibank gave me that, even though it wasn't confirmed yet. If they want your business, they will lower it down for you.
my1sthome: Is your 4.75 for 30 years loan? Did you have to pay origination fee? BTW, thanks for the outline of your loan process.
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Old 06-05-2010, 11:33 PM
 
68 posts, read 474,311 times
Reputation: 25
yes 4.75% on a 30 year loan, 0 points, and no origination fee.
I'm just putting the outline so that everyone can know how quickly or slowy a bank can take and if all documents are in, what are the steps needed to get to each stage



Quote:
Originally Posted by observer-379 View Post
my1sthome: Is your 4.75 for 30 years loan? Did you have to pay origination fee? BTW, thanks for the outline of your loan process.
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