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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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lock in question
I am about to lock in 5.125% for a 90 day lock in with wells fargo.
My mortgage guy told me its 1495 deposit and I get that back at closing.
Does anyone know if that is a sepearate check that I get back for that exact amount
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Posted 1/12/09 3:16 PM  |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: lock in question
i don't know, but TFCU is at 4.375% today!
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| Posted 1/12/09 3:17 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: lock in question
You do not get the check back, it goes towards your closing costs as long as you close within that 90 days.
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| Posted 1/12/09 3:24 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: lock in question
Also, if you DON'T close within that 90 days, you will lose that money.
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| Posted 1/12/09 3:25 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: lock in question
the rate is for a condo (brand new) so not sure if that makes a difference.
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| Posted 1/12/09 3:35 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: lock in question
Ask your wells fargo person...I don't know if there is a difference between and house and condo-I wouldn't think so. Either way, you get the money back, it will just be less money you have to come up with at closing.
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| Posted 1/12/09 3:37 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: lock in question
thanks I was happy with the rate adn we get a 1 time lock in if the rate goes lower in those 90 days
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| Posted 1/12/09 3:38 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: lock in question
Our deposit was credited back at closing rather than us getting a check back. The rate seems good for 90 days! We also chose to lock for 90 days and it made our rate a little higher. Rates are also a little bit higher I believe for new construction.
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| Posted 1/12/09 3:55 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: lock in question
that is what we were told as well that they are a bit higher due to new construction, but i am still pleased with the rate. When we started the process in Novermber the rates were at 6.375 so I am now at 5.125%
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| Posted 1/12/09 6:54 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: lock in question
Posted by neener1211
Also, if you DON'T close within that 90 days, you will lose that money.
I am not sure this would be the case because all banks get delayed. The $1495 is just like a deposit for him that the buyer isn't going to walk away from the deal.
Find out from the broker if you lose this deposit after 90 days. Get it in writing.
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| Posted 1/12/09 7:43 PM |
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