U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-29-2014, 09:32 AM
 
529 posts, read 689,688 times
Reputation: 255

Advertisements

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.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-29-2014, 09:54 AM
 
9,370 posts, read 12,495,149 times
Reputation: 19614
You should repost your question in the Real Estate > Mortgages sub-forum....
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 09:59 AM
 
529 posts, read 689,688 times
Reputation: 255
Ok, Thanks, I will do that.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 10:33 AM
 
Location: New-Dentist Colony
5,754 posts, read 10,116,136 times
Reputation: 3938
We used this when we refinanced: Mortgage Rates Predictions and Analysis
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 12:20 PM
 
1,630 posts, read 2,188,312 times
Reputation: 1314
Loll
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 04:03 PM
 
529 posts, read 689,688 times
Reputation: 255
Quote:
Originally Posted by PK12 View Post
Loll
????
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 04:14 PM
 
1,630 posts, read 2,188,312 times
Reputation: 1314
Quote:
Originally Posted by LuvVA View Post
????
Laughing at the irrelevancy of this thread to the NoVA forum
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 04:27 PM
 
Location: northern va
1,731 posts, read 2,667,323 times
Reputation: 1687
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 06:53 PM
 
232 posts, read 336,255 times
Reputation: 132
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-29-2014, 07:53 PM
 
529 posts, read 689,688 times
Reputation: 255
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top