Interest rate locking

[RCA]

I've just made an offer on a house which was accepted and have until July 15 to close. I just have to decide when to lock the interest rate and I'll have to close within 30 days of the lock or else face extra fees. Since the rate just spiked up, when do you think would be a good time to lock?

 

[slacker921]

you should be able to lock now and have the agent resubmit if rates drop.. i.e. if they drop to 4.5% your agent can shop your loan around and try to find something at the lower rate. Check with your mortgage broker and see if they'll do that. Mine did..

 

[RCA]

you should be able to lock now and have the agent resubmit if rates drop.. i.e. if they drop to 4.5% your agent can shop your loan around and try to find something at the lower rate. Check with your mortgage broker and see if they'll do that. Mine did..

My loan officer didn't mention that, she came across as a snotty loan shark. She was recommended by my real estate agent who I like btw.

 

[homah]

My loan officer didn't mention that, she came across as a snotty loan shark. She was recommended by my real estate agent who I like btw.

Due to time constraints, I also used someone recommended by my real estate agent (who I liked) and it turned out to be a big mistake.

If you haven't yet paid for an appraisal or paid any sort of application fees and this person is not willing to give you a free float down (I think that's what you're looking for here -- I'm still bad with the terminology), look elsewhere. There are plenty of mortgage companies/brokers out there. Hell, you might even want to look elsewhere anyway. No need to deal with someone who seems like a shady loan shark.

 

[RCA]

Due to time constraints, I also used someone recommended by my real estate agent (who I liked) and it turned out to be a big mistake.

If you haven't yet paid for an appraisal or paid any sort of application fees and this person is not willing to give you a free float down (I think that's what you're looking for here -- I'm still bad with the terminology), look elsewhere. There are plenty of mortgage companies/brokers out there. Hell, you might even want to look elsewhere anyway. No need to deal with someone who seems like a shady loan shark.

Well, it's a pretty large bank and the person wasn't really, really shady, but just not very helpful or thorough.