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Vlad The Inhaler 
Colorado State Fan
Colorado
Member since Sep 2008
1806 posts
 Online
| Should I lock in Mortgage Interest Rate Today? (Posted on 3/8/13 at 3:40 pm)
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.
I 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.
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RickAstley 
LSU Fan
Reno, Nevada
Member since May 2011
1296 posts
Online
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/8/13 at 4:07 pm to Vlad The Inhaler)
quote:
So, do I lock this afternoon
Does a bear shite in the woods?
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matthew25 
Ole Miss Fan
Member since Jun 2012
1528 posts
Online
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/8/13 at 9:08 pm to RickAstley)
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?
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Vlad The Inhaler
Colorado State Fan
Colorado
Member since Sep 2008
1806 posts
Online
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/11/13 at 2:15 pm to matthew25)
quote:
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?
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.
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rsande2
LSU Fan
Member since Jan 2006
3423 posts
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/11/13 at 2:34 pm to Vlad The Inhaler)
quote:
News tip--whenever I lock in, the economy will tank and send interest rates down.
In that case go ahead and lock now for my sake, I am still floating my rate. Come on help a brotha out! 
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Vlad The Inhaler
Colorado State Fan
Colorado
Member since Sep 2008
1806 posts
Online
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/11/13 at 3:00 pm to rsande2)
Will do!
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Jed Zeppelin
Ball State Fan
Maurice
Member since Feb 2010
761 posts
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/12/13 at 10:55 am to Vlad The Inhaler)
quote:
rates have their single biggest overnight jump in 2.5 years.
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.
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lapistola
LSU Fan
Baton Rouge
Member since May 2008
680 posts
| re: Should I lock in Mortgage Interest Rate Today? (Posted on 3/12/13 at 11:05 am to Jed Zeppelin)
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. 
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