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I am dealing with a broker for refinancing my home.
We are just under process and the broker says that he has
already locked my rate with his lenders and he might relock
it if the rates still go down in this economy, even though I
have not conveyed to him to lock my rate.
If I was dealing with a lender directly, I would only be able
to lock once till it expires, how come the broker has this advantage
over the customer to unlock/relock at any time
This is one of the benefits of working with a broker over a direct lender.
Post back the rate you got so we can let you know how competitive. We also need credit score, loan amount, appraised value and type of loan(30 year fixed, 15 year, etc..)
This is one of the benefits of working with a broker over a direct lender.
Post back the rate you got so we can let you know how competitive. We also need credit score, loan amount, appraised value and type of loan(30 year fixed, 15 year, etc..)
rate locked : 5.625
Credit score : 800
loan amt : 268k
appraised value 335k
type : 30yr
rate locked : 5.625
Credit score : 800
loan amt : 268k
appraised value 335k
type : 30yr
Today rates are higher, so your broker locked your rate a few weeks ago when rates were lower. This is a good loan and i would advice to closa asap then take your broker to dinner for doing a good job and watching out for you.
very good deal. make sure that you get all these in written.
Quote:
Originally Posted by kmurali70
no points but 5K closing costs...
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