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will1883
LSU Fan
Member since Jan 2010
188 posts

Locking in rates

Can you lock in a rate with one lender and then use another lender for the loan if the rates drop after the lock?


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2079 posts

re: Locking in rates
most brokers/lenders will not let you do this...if you are waiting on rates to go back down thats going to be a long wait...


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7692 posts

re: Locking in rates
By long are you anticipating sept-oct? That's my guess based on trend


tiger94gop
LSU Fan
GEISMAR
Member since Nov 2004
1938 posts

re: Locking in rates
What is down? Back to last year; no. Lower than now, yeah. There is always a cyclical scenario with rates. It has been less predictable lately.


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7692 posts

re: Locking in rates
Yeah it's weird. Prime is still 3.25, which is nice for my little 40k 2nd. I think by sept-oct we see a 4-4.25 through 2013. At least I hope, I have 3 first time buyers going new construction set to close in sept-nov who are up in arms over 4 and change 30 year money
This post was edited on 6/26 at 5:10 pm


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
5076 posts

re: Locking in rates
Apparently they learned how to use an amortization calculator and factored in 3.50%


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