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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Another mortgage q - locking in rate
Forgive my cluelessness....
how do you know when is the right time to lock a rate? We got a rate under 6 right now. Our closing isn't until end of January (as of now). I know that locked in rates expire.
Any advice from the experts here? TIA!
Message edited 12/14/2007 7:31:16 PM.
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Posted 12/14/07 7:30 PM  |
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Prudential Douglas Elliman Real Estate
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Another mortgage q - locking in rate
If you have a rate that's less than 6%...lock it in!
I had a 5.75% rate 2 weeks ago...and waited...and now all the banks have raised their rates. 
The rates are still low, but I could I should have just locked in when I had that low rate instead of waiting.
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| Posted 12/14/07 9:27 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Another mortgage q - locking in rate
With the way that the mortgage market has been, that rate is great!!! I'd lock in. I locked in at 6% last Dec. '06
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| Posted 12/14/07 9:43 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Another mortgage q - locking in rate
Lock that baby in ASAP
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| Posted 12/14/07 10:01 PM |
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Re: Another mortgage q - locking in rate
That's the thing, you never "know" when to lock in, it's a gamble. But anything less than 6% is awesome, I don't think you're going to get less than that in today's market. Lock that baby in now!!
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| Posted 12/14/07 10:40 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Another mortgage q - locking in rate
Should I be wary at all? It is a bank from Kansas City! She gave us 5.857....our next lowest was 6.125.
Scary stuff!! Should I still lock it in? Are there any other things I should be looking at in the GFE before I go through with this?
Thanks ladies!
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| Posted 12/15/07 8:21 AM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Another mortgage q - locking in rate
Just make sure that low rate doesn't require you to buy points. Also, compare that GFE with other banks. That way you can compare fees.
I obtained GFEs from 5 banks...all over the phone/email. I asked Chase if they would waive their application fee ($395) and closing and they agreed! So, if you see fees that seem high compared to other banks, question it and ask them to lower it.
Remember...rates change EVERYDAY. So, just because they gave you that low rate last week...it could be something totally different come Monday morning. And some banks won't let you lock-in until you are official approved.
Even the 6.125% rate is really good. When my mom bought her house in Long Beach in the 80's her rate was in the mid 10's!!!!!!! 
Good luck negotiating!!!!!! Be tough with them!
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| Posted 12/15/07 9:31 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Another mortgage q - locking in rate
that's a great rate - lock it!
as the other posters have said, it's a gamble. when i was buying (dec. 06)I got a rate of 6.3 but decided to wait. two weeks later, the rate went up to 6.5 when i locked. boo.
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| Posted 12/17/07 10:12 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Another mortgage q - locking in rate
Posted by TaraGotHutched
Forgive my cluelessness....
how do you know when is the right time to lock a rate? We got a rate under 6 right now. Our closing isn't until end of January (as of now). I know that locked in rates expire.
Any advice from the experts here? TIA!
How long is the lock good for? Make sure it's good for 30 days from the scheduled closing date...
If it's under 6, I'd be inclined to LOCK soon -- but make sure you are covered for the 30 days after the closing date in your contract. Otherwise, you may have to pay points to keep the rate good longer...
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| Posted 12/17/07 10:19 AM |
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