Locked in, can I get out. - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

renriq02 · 01-16-2008, 02:51 PM

Yep...but you should be able to get a bigger rate.

It's a great product...and mortgage interest is tax deductible.

With PMI...they may change the law or guidelines in 2-3yrs.

darkblue · 01-16-2008, 02:56 PM

cant we break the lockin with the same lender by paying penalty or some other means????other than going to diff lender,there should be some way ...

renriq02 · 01-16-2008, 02:57 PM

you can try but most of the time they will not change it.
happens all the time.

Quote:

Originally Posted by darkblue

cant we break the lockin with the same lender by paying penalty or some other means????other than going to diff lender,there should be some way ...

ciJay · 01-16-2008, 02:57 PM

Today I was offered 5.75% with 0 discount points. Banker - do you think its better to pay 1 point to get an even lower rate?

renriq02 · 01-16-2008, 02:59 PM

Origination fees are not discount points.

Most lenders say there are 'no points' on your loan..but charge an origination fee. They're different but charged the same. (1%, 2%, 0.5%, etc)

Quote:

Originally Posted by ciJay

Today I was offered 5.75% with 0 discount points. Banker - do you think its better to pay 1 point to get an even lower rate?