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Started By
Message
Need recommendations on locking in rate
Posted on 6/18/19 at 12:24 pm
Posted on 6/18/19 at 12:24 pm
So, I’m currently buying a home. The rate dropped today to 4.125%. The lender wants to lock us in, but should I wait until after the Chairman speaks? Are we anticipating a decent drop? Is it worth the gamble to wait another day or two to lock in or is 4.125% solid?
ETA: we are closing within a month fwiw
ETA: we are closing within a month fwiw
This post was edited on 6/18/19 at 12:29 pm
4
Posted on 6/18/19 at 12:35 pm to FenrirTheBeard
lock and btw the rate didn't go down today. The lowest rate i saw today was 4% and that rate has been around for the last 30 days. let me guess you are dealing with a brocker/lender?
Posted on 6/18/19 at 12:38 pm to hawkeye007
Yes, we have a lender. Tell me more...
Posted on 6/18/19 at 12:50 pm to hawkeye007
Also, our lender is going to give us 4.125% And she is waiving just over a point to keep our business. This lending agency is highly recommended, so I doubt she is trying anything funny.
So, if it’s not going to get better enough to justify, we will just lock in.
So, if it’s not going to get better enough to justify, we will just lock in.
Posted on 6/18/19 at 12:56 pm to FenrirTheBeard
Check LACAP rates before you pull the trigger... they're typically a good deal lower than market. Current 30yr is 3.853% and 15yr is 3.433%. Could save you some $
This post was edited on 6/18/19 at 12:57 pm
Posted on 6/18/19 at 1:00 pm to redstickrun
Could they close us in a month?
Posted on 6/18/19 at 1:10 pm to redstickrun
Nvm, LACAP doesn’t provide for Florida anyway.
Posted on 6/18/19 at 1:19 pm to FenrirTheBeard
I’d prob lock it up, can you make a contingency if rates drop in next 30 days they will let you reset? Not sure if that’s possible, I don’t get into mortgage rates much.
Posted on 6/18/19 at 2:52 pm to FenrirTheBeard
unless your credit scores are under 700 she shouldn't have to waive anything to get you 4%. I just priced a 200k purchase with 10% down and a 740 credit score and the rate is 4%. I don't care how highly recommended a lender is( your agent recommend them) always shop around.
Posted on 6/18/19 at 2:53 pm to Shepherd88
yea that's not possible that's why you lock rates in.
Posted on 6/18/19 at 2:56 pm to FenrirTheBeard
i work for Hancock Bank we cover the whole gulf coast. Banks are the best kept secret in the mortgage world. For some reason people think we have super high standards or don't offer enough products. not telling you to switch lenders i am just letting you know they are full of shite !
Posted on 6/18/19 at 3:07 pm to hawkeye007
Hawkeye what rate are y'all offering on a 30 yr fixed?
Posted on 6/18/19 at 3:09 pm to broadhead
4% on the 30yr fixed .
Posted on 6/18/19 at 3:23 pm to hawkeye007
We are not putting down 20% and it will be a $340K loan. She got us 4.125% at zero cost to lock. I got a quote from USAA and they couldn’t match it.
Posted on 6/18/19 at 3:24 pm to FenrirTheBeard
And both of our credit scores are 800, btw
Posted on 6/18/19 at 3:24 pm to hawkeye007
quote:
4% on the 30yr fixed .
What about on Jumbo products in Old Metairie?
Posted on 6/18/19 at 3:35 pm to FenrirTheBeard
down payment doesn't help with rate . we charge $925 to do the loan flat rate no origination. the 4% i just quoted you is at zero lock cost. lenders charge to lock rates not banks. one of the big differences . post your email and i will send you an email and quote you directly if you want.
Posted on 6/18/19 at 3:38 pm to hawkeye007
If you can guarantee close by July 16th, I will take you up on that.
Posted on 6/18/19 at 3:39 pm to GWfool
purchase or refinance? also loan size and i will price it out for you. i priced a refinance at 4.5% this morning on a jumbo on a 30yr fixed. We have a bunch of different jumbo products .
Posted on 6/18/19 at 3:45 pm to hawkeye007
Purchase. 30yr conventional. $340k
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