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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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rate lock expires?
We are refinancing and i believe our rate lock expires on 4/5. I don't believe we'll close by then. The rate lock is at 4.5%.
I believe the current rates are 4.1%.
Can i let it expire to then get the new rate? Not sure how this all works, but since it went down... has me thinking.
thoughts?
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Posted 3/28/19 10:16 AM  |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: rate lock expires?
Yes, let it expire in that case.
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| Posted 3/28/19 10:18 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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rate lock expires?
we are refinancing and just locked at 3.625% at TFCU. I would personally let it expire and relock at the lower rate. I have also learned that if you approach your current lender with a lower rate from another institution, they will try to match it to keep you there. This is of course AFTER you've let the rate lock expire.
Another option could be to reach out to your lender and ask them if they will allow a new rate lock if yours is close to expiration. Some banks will do it as a one-time relock
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| Posted 3/28/19 10:25 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: rate lock expires?
Posted by mommy2be716
we are refinancing and just locked at 3.625% at TFCU. I would personally let it expire and relock at the lower rate. I have also learned that if you approach your current lender with a lower rate from another institution, they will try to match it to keep you there. This is of course AFTER you've let the rate lock expire.
Another option could be to reach out to your lender and ask them if they will allow a new rate lock if yours is close to expiration. Some banks will do it as a one-time relock
Sorry to hijack -- but do you know what your closing costs are to refi with Teachers?
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| Posted 3/28/19 10:45 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: rate lock expires?
Posted by b2b777
Posted by mommy2be716
we are refinancing and just locked at 3.625% at TFCU. I would personally let it expire and relock at the lower rate. I have also learned that if you approach your current lender with a lower rate from another institution, they will try to match it to keep you there. This is of course AFTER you've let the rate lock expire.
Another option could be to reach out to your lender and ask them if they will allow a new rate lock if yours is close to expiration. Some banks will do it as a one-time relock
Sorry to hijack -- but do you know what your closing costs are to refi with Teachers?
should be about 7-8. Not including prepaids of about 2k for the escrow which will be refunded from the old escrow account anyway. We have someone doing the title for us, and he didn't charge when we originally got the mortgage for our home 5 years ago. Assuming he doesn't charge again, we could save 2-3k at closing as well. Fingers crossed
Message edited 3/28/2019 11:37:12 AM.
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| Posted 3/28/19 11:36 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: rate lock expires?
Posted by mommy2be716
Posted by b2b777
Posted by mommy2be716
we are refinancing and just locked at 3.625% at TFCU. I would personally let it expire and relock at the lower rate. I have also learned that if you approach your current lender with a lower rate from another institution, they will try to match it to keep you there. This is of course AFTER you've let the rate lock expire.
Another option could be to reach out to your lender and ask them if they will allow a new rate lock if yours is close to expiration. Some banks will do it as a one-time relock
Sorry to hijack -- but do you know what your closing costs are to refi with Teachers?
should be about 7-8. Not including prepaids of about 2k for the escrow which will be refunded from the old escrow account anyway. We have someone doing the title for us, and he didn't charge when we originally got the mortgage for our home 5 years ago. Assuming he doesn't charge again, we could save 2-3k at closing as well. Fingers crossed
Thanks!
That rate is crazy low. Unfortunately I just closed on my home last year and therefore my balance is still high in the "jumbo" range.
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| Posted 3/28/19 12:51 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: rate lock expires?
so my rate expired at 4.5%. It is for a jumbo refinance. The new rate is 4.25%.
It is through Bethpage Federal Credit Union.
They said they can float the rate down to 4.375% at no cost to us.
If we wanted to float the rate down to market at 4.25%, it would cost us $2373 to do so.
Do you think this is the best they can do?
I mean to pay $2200 to get the current rate to me seems crazy when our rate lock expired. But i haven't been through this before so looking for opinions. 
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| Posted 4/12/19 11:08 AM |
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