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| Should I lock in Mortgage Interest Rate Today? Posted by Vlad The Inhaler Refinancing over the last 4 months has literally been my nemesis and it's like I'm being taunted by a greater force. I've been on the cusp four times and every one some observed event trumped sealing the deal: Grandparent's death, wife needs gall bladder surgery, someone promises great rate and it falls though, etc.  on 3/8 at 3:40 pmI finally got my shite together this week. Great deal, pulling the plug. Internet goes out at my office yesterday afternoon. Never happened before, out for an hour and a half. I finally finish my application but too late to be processed. I'm worried. Well of course, self-fulfilling prophecy of my paranoia occurs and rates have their single biggest overnight jump in 2.5 years. Nearly 1/1000 scenario comes true as a result of this cooked jobs reports. Awesome. So, do I lock this afternoon or wait till Monday/Tuesday. I'm thinking about waiting, but everything I do is wrong. thanks for listening. Reply • Back to Top |
quote: Does a bear shite in the woods? Reply • Back to Top |
| What were you quoted? You didn't lock the rate for 30 days when you went in to apply; or, does the 30 day lock only apply after you finally get off your tail and submit the paperwork? Reply • Back to Top |
quote: After you submit the paperwork and it's processed, you agree to lock in a rate. Typically it's automatic, except for in my case where it took an enourmous jump and warrented pause. It went up again today. News tip--whenever I lock in, the economy will tank and send interest rates down. Reply • Back to Top |
quote: In that case go ahead and lock now for my sake, I am still floating my rate. Come on help a brotha out!  Reply • Back to Top |
| Will do! Reply • Back to Top |
Posted by Jed Zeppelin on 3/12 at 10:55 am to Vlad The Inhaler quote: Damn it Vlad. Thanks for the info. I have been trying to re-fi for about two weeks now. Cant get anyone at the bank to call me back.  Reply • Back to Top |
Yeah I'm pissed. Trying to lock in on our final mortgage for a house we're building. Decided to play it safe because I wasn't sure if we'd be done in 60 days and the rate has gone up .25% since then.  Reply • Back to Top • Refresh |
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