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Started By
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re: Current Mortgage Rates
Posted on 6/4/20 at 10:15 pm to SDVTiger
Posted on 6/4/20 at 10:15 pm to SDVTiger
quote:that was my main question. Their current rate if I applied for a loan today is 2.875%. From my uneducated perspective, why can’t I just let my rate expire without extending and start a new loan with them at their normal rate. It just so happens to be 2.875%. She said she wouldn’t offer that though due to costs incurred by them that have to be paid to Famny.
But if the lock expires the cost is on the borrower to keep that rate
2
Posted on 6/4/20 at 10:44 pm to AFtigerFan
You are under no obligation whatsoever until you sign those closing docs.
Even then you can still retract signed pwork for another 2-3 days after I believe.
They have put in some work on your loan so I’d call their bluff. If they dont meet your demands just use another lender.
Even then you can still retract signed pwork for another 2-3 days after I believe.
They have put in some work on your loan so I’d call their bluff. If they dont meet your demands just use another lender.
Posted on 6/4/20 at 10:47 pm to AFtigerFan
Because most banks require a certain amount of waiting time on a borrower who has a rate locked in the market to relock. They will base it on worse case pricing if it expires between then and the available relock period. It’s to deter the availability to lock in a position over and over again if rates got better. If no one executed their positions locked in with the institution buying the security there would be no market. Or really it would just drive up the cost of lending which in turn would be passed onto the borrower.
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