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hi, we are locked in to 4%, current rate we're with is 4.75%, not much difference, but we wanted to switch lender due to certain reasons. today, it went down to 3.65 at one point, we have 2 more weeks to close for our 4% rate. if we cancel out and lock with the upcoming lower rate if it'll be lower, then we need to wait another 61 days to lock, or course, we'll need to redo appraisel..etc. that means the next time round when we can close will be sometime in Nov. this year. will you redo the whole process as it seems like the rate is still decreasing....what would you do?
Lack of coherency here, I can't really understand what you are asking. My best guess is that you're asking whether you should lock now or wait and see if rates go lower. I think rates are still going down, but that's just my guess. I don't think they will skyrocket anytime soon.
Lack of coherency here, I can't really understand what you are asking. My best guess is that you're asking whether you should lock now or wait and see if rates go lower. I think rates are still going down, but that's just my guess. I don't think they will skyrocket anytime soon.
hi, thanks for the reply, that's basically what I asked if the i rate will decrease. my situation is, we locked in to 4% and if we want to lock again due to the i rate decreasing, we need to wait till Nov. of this year to close. is it worth the wait(paying another sets of fees for appraisal) and risking the chance that it might be more than 4% in Nov?
How many points at 4%? If zero points, you may have a hard time finding another lender to match it after today.
Is this a refinance or a purchase? If a purchase, you need to pay attention to your closing date in the contract. If a refinance, a few lenders will renegotiate........you may not be able to re-use the appraisal unless it's an FHA (most lenders won't accept another lender's appraisal right now).
How many points at 4%? If zero points, you may have a hard time finding another lender to match it after today.
Is this a refinance or a purchase? If a purchase, you need to pay attention to your closing date in the contract. If a refinance, a few lenders will renegotiate........you may not be able to re-use the appraisal unless it's an FHA (most lenders won't accept another lender's appraisal right now).
we are doing a refinance, not sure what the points are. we aren't buying down with any pionts that's what I know...thank you.
You need to find out if you are paying points, those are part of the closing costs.......anyone can get you 4% with points. Points are upfront interest. So, if your loan amount is $250,000, one point = $2500. That $2500 would be in the closing costs, most likely added to the loan amount.
Please take the time to find to understand more about your charges. By not doing so, it's real easy for someone to take advantage of you. 4% is pretty darn low......I'm betting they have you paying at least 2 points ($5000).
You need to find out if you are paying points, those are part of the closing costs.......anyone can get you 4% with points. Points are upfront interest. So, if your loan amount is $250,000, one point = $2500. That $2500 would be in the closing costs, most likely added to the loan amount.
Please take the time to find to understand more about your charges. By not doing so, it's real easy for someone to take advantage of you. 4% is pretty darn low......I'm betting they have you paying at least 2 points ($5000).
we are paying $5000 closing cost. so in this case, should we still wait for a lower rate? it's 3.875% right now for last report from last Fri. we're with the credit union. do you guys think the i rate will still decline?
Something isn't adding up in what you have and what you are reading online. Do you have a link? Rates Monday morning should be going up, as the Treasuries closed off by almost half a point (assuming nothing happens between now and Monday morning at 10AM), and certainly not 3.875%.
Something isn't adding up in what you have and what you are reading online. Do you have a link? Rates Monday morning should be going up, as the Treasuries closed off by almost half a point (assuming nothing happens between now and Monday morning at 10AM), and certainly not 3.875%.
Stick with the credit union.
SmartMoney, thanks for the input. where did you read that the rates might be going up? could I have a link?
this is the credit union site we're with, if you see on the right side, today's mortgage rates. but if you view it tommorow, Mon. it might not show as 3.875%.. right now it is as it shows the Fri. stats..
Something isn't adding up in what you have and what you are reading online. Do you have a link? Rates Monday morning should be going up, as the Treasuries closed off by almost half a point (assuming nothing happens between now and Monday morning at 10AM), and certainly not 3.875%.
Stick with the credit union.
by the way, we are with the 15 yr loan and conventional loan.
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