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Started By
Message
Question about shopping mortgage rates
Posted on 3/8/21 at 4:53 pm
Posted on 3/8/21 at 4:53 pm
So, I was preapproved for a great rate before things started trending upwards and was unable to lock in due to it being a new construction and expected closing later in the year.
I was told my preapproved rate was no longer feasible and it was going to raise by about .75%.
I’m currently being monitored by underwriting but want to shop rates again with my work credit union.
How big of a no-no is this?
I was told my preapproved rate was no longer feasible and it was going to raise by about .75%.
I’m currently being monitored by underwriting but want to shop rates again with my work credit union.
How big of a no-no is this?
6
Posted on 3/8/21 at 5:34 pm to ThreauxDown
I am going through the same thing and just locked in to my rate today. Was originally quoted 2.75% when I first started shopping for interest rates and finally locked in at 3.25% within 60 days of closing. I was still shopping up until today when I locked in. You will normally lock in within 45-60 days of closing.
Posted on 3/8/21 at 5:38 pm to ThreauxDown
Were going to the bank next week to start our build. So what yall are saying is everything is coming back higher than your quoted?
Posted on 3/8/21 at 6:18 pm to welder69
Yeah I prequalified at a time when interest rates were very low.
They’ve been working their way back up for about a month now
They’ve been working their way back up for about a month now
Posted on 3/8/21 at 6:38 pm to ThreauxDown
Lock your rate for 90 days
Posted on 3/9/21 at 2:10 am to ThreauxDown
Just get a construction all-in-one loan from FABT. 2.95% for 15 years with a 30 yr amort.
Posted on 3/9/21 at 6:52 am to ThreauxDown
It’s ok to shop rates, but if you’re 5 months out from completion on home, it’s going to be hard to lock in a good rate at this time.
Posted on 3/9/21 at 7:08 am to ThreauxDown
quote:
How big of a no-no is this?
People shop the rate all the time. You havent signed a security deed yet. You arent married to them. And when you sign a security deed, you are always free to refinance.
What you are asking to do is a dick move (making people complete an entire loan for free so you can leave them at the closing table). But you have every right to do it.
If your credit score is on a cusp, you may shoot yourself in the foot with credit inquiries. But that rarely happens if the only people looking at your credit are mortgage companies and you only "shop" two times during the process.
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