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Old 06-10-2009, 11:49 PM
 
3 posts, read 4,063 times
Reputation: 11

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Hey all, I'm a first time homebuyer and am looking for mortgage lenders. I have been referred to Citizen's bank by my realtor, but I don't know anyone who's used them. Is anyone familiar with their process/fees? How did the transaction go?

I'm looking to lock-in a rate as well (since rates seem to just be increasing day by day). Is anyone aware of what fees are involved? My problem is that I'm looking to close several months from now (Oct 09) and have yet to find a property (mainly due to me being locked into my lease (current renter)). I'm wondering if locking-in would be beneficial or would just be painful from any fees.

Any info would be great.

Thanks.
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Old 06-11-2009, 06:41 AM
 
587 posts, read 2,177,803 times
Reputation: 225
that a very long time form now, I'm not sure if a lender can lock in a rate for that long of a period.
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Old 06-11-2009, 07:39 AM
 
Location: Landing
55 posts, read 197,455 times
Reputation: 13
I know through my Company's home loan service you can lock in a rate for 90 days without any fees. You can extend that out to 120 days for a fee. Not sure exactly how much though.
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Old 06-11-2009, 08:13 AM
 
Location: Ridgewood
302 posts, read 2,230,851 times
Reputation: 198
Contact this guy- a personal friend of mine. He'll take good care of you. Neil

Scott Lief
1st Metropolitan Mortgage
slief@1stmetro.net
201 417 0541
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Old 06-11-2009, 08:33 AM
 
1,983 posts, read 7,515,341 times
Reputation: 418
With rates almost 6%, good idea to lock in as quickly as possibly. If it floats down you might be able to re-negotiate the loan.
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Old 06-11-2009, 08:44 AM
 
364 posts, read 826,210 times
Reputation: 101
Quote:
Originally Posted by njUser213 View Post
Hey all, I'm a first time homebuyer and am looking for mortgage lenders. I have been referred to Citizen's bank by my realtor, but I don't know anyone who's used them. Is anyone familiar with their process/fees? How did the transaction go?

I'm looking to lock-in a rate as well (since rates seem to just be increasing day by day). Is anyone aware of what fees are involved? My problem is that I'm looking to close several months from now (Oct 09) and have yet to find a property (mainly due to me being locked into my lease (current renter)). I'm wondering if locking-in would be beneficial or would just be painful from any fees.

Any info would be great.

Thanks.
Good luck with your wish to match your lease expiry date with your home purchase. I am not sure about Citizen's bank.
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Old 06-12-2009, 12:59 PM
 
Location: Hopatcong, NJ
13 posts, read 24,354 times
Reputation: 15
Closing in October is a long way off.... A lot can happen in that time. Keep in mind that the rates had been steadily decreasing over the last year or so and in the period of the past 2 weeks jumped up over a full 1%. The jump was due to increased confidence in the market which may have been "too much too soon" and mortgage applications have dropped off consderably. I would hold off on that lock because I think that the rates are going to stabilize and we are going to regain some lost ground over the coming weeks/months once the big banks realize they are only doing 1/2 the business they were when rates were much lower..... just my $.02

Lock in periods range in 30 day increments with each consecutive increment costing you a little bit more. Extensions are also a lot more expensive these days. I just extended a lock for one of my client's this morning for an additional 30 days at a cost of 66 basis points.....

I don't know that I would pay a fee up-front to lock in a rate. A reputable company should not require that. The only fee you should be required to pay for up front would be for the appraisal.
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