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Old 04-11-2008, 03:06 PM
 
371 posts, read 1,460,523 times
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Does anyone know what the rates will be doing in the next few weeks? If we all had a crystal ball right?? lol. Our closing is getting pushed back a month and our broker wants to lock us in at a rate of 5.875 but this rate is good for 60 days (we can always extend) being that our closing may not happen until July now. He wants to wait a few weeks to lock so we won't have to pay for two extentions but said that he will lock if he sees the rate going up. So any one want to throw in the 2 cents on the rate situation?
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Old 04-11-2008, 03:27 PM
 
Location: Charlotte, North Carolina
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tough call to make.

historical rates have shown that rates rise going into the summer.

not this year ...
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Old 04-11-2008, 03:29 PM
 
Location: Houston, Texas
10,424 posts, read 46,177,273 times
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You didn't say if they want to charge you to lock in that rate which is customary in the extortion......oops I mean mortgage business.

The answer to that question should tell volumes. Just another trick way to make the borrower panic and pay for yet another option they dont need.
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Old 04-11-2008, 03:33 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,629,293 times
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which lenders charge to lock in a rate?
I'm thinking that they charge to order the appraisal....

Quote:
Originally Posted by desertsun41 View Post
You didn't say if they want to charge you to lock in that rate which is customary in the extortion......oops I mean mortgage business.

The answer to that question should tell volumes. Just another trick way to make the borrower panic and pay for yet another option they dont need.
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Old 04-11-2008, 04:24 PM
 
371 posts, read 1,460,523 times
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We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
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Old 04-11-2008, 04:30 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,629,293 times
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Today's Par Rate is 5.5% .....you should be aiming for something similar if you have a 740+ score...and 20% equity

Quote:
Originally Posted by MomOfToo View Post
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
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Old 04-12-2008, 11:50 AM
GLS
 
1,985 posts, read 4,991,781 times
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Quote:
Originally Posted by MomOfToo View Post
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
The last sentence sounds like you are well on your way to a decision. Ask yourself which is going to affect you more: being disappointed that you missed a 5.25% OR mad that you didn't lock and ended up with 6.375%.
The specifics of the financials are a crap-shoot, but you control your psychological acceptance of the results. If you are truly "just happy to get something under 6%, pull the trigger, and don't second guess yourself later.
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Old 04-12-2008, 11:50 PM
 
Location: Boca Raton, FL
5,695 posts, read 9,309,923 times
Reputation: 7531
Smile Rates

Quote:
Originally Posted by MomOfToo View Post
We have known our broker for years and have purchased several loans through him so no we are not getting charged to lock, but we would have to pay to extend so that is why he is waiting until around May 2nd to lock us for 60 days. He doesn't want us to have to pay two times to extend incase we don't close by a certain date. He is ready to get us the lowest rate. I have to say he one of the really loyal and honest ones out there. It would be nice if they drop of course but I am just happy to get something under 6%!
If you have dealt with your guy before and he has treated you well (sounds like he has), trust in his judgment and go with the 5.875%, then you are sure. Good ones are hard to get but it sounds like he's a good one like several on this forum!
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