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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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locked in rate and closing next week, but
is there anyway to try get a lower rate with them since the rates are so low? i know probably not, but wanted to see if anyone knew firsthand...thanks
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Posted 12/5/08 12:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: locked in rate and closing next week, but
I am using Wells Fargo and they offered one free re-lock option. Our closing date got postponed so our rate was about to expire when they dropped so we re-locked last week at a lower rate - they don't drop it completely but they "float" it down to make up some of the difference.
I think we may have an option to re-lock again for a fee - the equivalent to buying a point I think, but I am not sure.
You should call and ask - because if the rates are significantly lower than what you locked in at, it may be worth it to pay for the lower rate now and have lower payments for the rest of the mortgage!
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| Posted 12/5/08 1:24 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: locked in rate and closing next week, but
We also had the opportunity to re-negotiate one time even though we were locked. We knocked about .5 pt off right before closing this way- definitely worth trying. (We used Chase)
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| Posted 12/5/08 1:42 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: locked in rate and closing next week, but
YEAH do you have a closing date?? Does that mean our kids date is cancelled?
(see if you emailed me I would knwo this already? 
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| Posted 12/5/08 2:11 PM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: locked in rate and closing next week, but
Posted by Megs4
I am using Wells Fargo and they offered one free re-lock option. Our closing date got postponed so our rate was about to expire when they dropped so we re-locked last week at a lower rate - they don't drop it completely but they "float" it down to make up some of the difference.
I think we may have an option to re-lock again for a fee - the equivalent to buying a point I think, but I am not sure.
You should call and ask - because if the rates are significantly lower than what you locked in at, it may be worth it to pay for the lower rate now and have lower payments for the rest of the mortgage!
ww have wells fargo as well, and i was told once we were locked, we were locked...
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| Posted 12/5/08 5:38 PM |
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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Re: locked in rate and closing next week, but
Posted by want2beamom
Posted by Megs4
I am using Wells Fargo and they offered one free re-lock option. Our closing date got postponed so our rate was about to expire when they dropped so we re-locked last week at a lower rate - they don't drop it completely but they "float" it down to make up some of the difference.
I think we may have an option to re-lock again for a fee - the equivalent to buying a point I think, but I am not sure.
You should call and ask - because if the rates are significantly lower than what you locked in at, it may be worth it to pay for the lower rate now and have lower payments for the rest of the mortgage!
ww have wells fargo as well, and i was told once we were locked, we were locked...
No with wells fargo if the rate dops and u locked in at 5.5% and rates came down at least a .25% you could float down an .125% at no cost to you
Message edited 12/5/2008 8:56:11 PM.
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| Posted 12/5/08 8:55 PM |
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