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Old 06-29-2014, 09:32 AM
 
529 posts, read 608,812 times
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I have locked my mortgage interest rate (0 points, 30 yr loan) with my mortgage company.

I can get a lower interest rate before settlement if it goes down. But I am not sure how can I find this out.

I check bankrate.com periodically, in addition to this I check other bank's mortgage rates.

Sometimes I see it little lower than what I have locked but when I check with my mortgage company, I come to know that it has not come down.

What else to monitor to see if the rate has come down?

Even a slight drop in interest rate can save me $40-$50 per month.
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Old 06-29-2014, 09:54 AM
 
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You should repost your question in the Real Estate > Mortgages sub-forum....
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Old 06-29-2014, 09:59 AM
 
529 posts, read 608,812 times
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Ok, Thanks, I will do that.
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Old 06-29-2014, 10:33 AM
 
Location: New-Dentist Colony
5,746 posts, read 9,444,525 times
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We used this when we refinanced: Mortgage Rates Predictions and Analysis
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Old 06-29-2014, 12:20 PM
 
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Loll
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Old 06-29-2014, 04:03 PM
 
529 posts, read 608,812 times
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Quote:
Originally Posted by PK12 View Post
Loll
????
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Old 06-29-2014, 04:14 PM
 
1,628 posts, read 1,982,149 times
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Quote:
Originally Posted by LuvVA View Post
????
Laughing at the irrelevancy of this thread to the NoVA forum
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Old 06-29-2014, 04:27 PM
 
Location: northern va
1,671 posts, read 2,352,976 times
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Quote:
Originally Posted by LuvVA View Post
I have locked my mortgage interest rate (0 points, 30 yr loan) with my mortgage company.

I can get a lower interest rate before settlement if it goes down. But I am not sure how can I find this out.

I check bankrate.com periodically, in addition to this I check other bank's mortgage rates.

Sometimes I see it little lower than what I have locked but when I check with my mortgage company, I come to know that it has not come down.

What else to monitor to see if the rate has come down?

Even a slight drop in interest rate can save me $40-$50 per month.
typically, the rate has to drop a certain amount for the option to relock at the lower rate. .125% might not be enough to trigger a relock, maybe not even .25%.

Question is best left for your loan officer.
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Old 06-29-2014, 06:53 PM
 
232 posts, read 312,151 times
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If you have a good mortgage officer they will be looking at that automatically for you and will call you to let you know when it makes sense to open and relock. Some loans allow for it to be opened up and relocked only once without a fee - you would need to find out the specifics from your loan officer on when your loan can be opened/relocked and what (if any) fees would apply and how many times can it be reopened/locked.
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Old 06-29-2014, 07:53 PM
 
529 posts, read 608,812 times
Reputation: 254
Quote:
Originally Posted by PK12 View Post
Laughing at the irrelevancy of this thread to the NoVA forum
I only visit NoVa forum so I opened a thread without realizing there are other forums here.

Once the person pointed out to post this question in mortgage forum, I posted there immediately.

I tried to find out if I can delete this thread, didn't find any. Then I tried to alert the moderator to remove this but there was option only for spam etc which I didn't select thinking it might flag my user id.

But now I feel it's ok to have this thread here has I got useful information from other members.


Thanks to all who answered my question. I now have a clear picture and what to expect from my loan officer.
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