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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Locking in a Rate
Did you lock in a rate? How did you decide whether or not you were going to lock in?
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Posted 4/24/06 12:06 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Locking in a Rate
I locked in as soon as we could. If it seemed fair I took it.
Rates have been creeping up lately. But I dont think they will sky rocket
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| Posted 4/24/06 12:12 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Locking in a Rate
Ugh, tell me about it.
We saw 6% when we put our offer in and by the time the Executrix signed the documents it creeped up to 6.375%. Then by the time out 45 day window came in, it was 6.375% with 1/8 of a point.
Today we're back to 6.375% - no points...and we can't decided whether we should lock or gamble. 
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| Posted 4/24/06 12:30 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Locking in a Rate
Is this house an investment house? I thought only if you planned on staying in the house for more than 5 years you should pay points.
Otherwise its not worth it, this is the way it was explained to me.
I could be wrong
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| Posted 4/24/06 12:47 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Locking in a Rate
bank rate
i used this site as a guide
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| Posted 4/24/06 12:51 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Locking in a Rate
It's very difficult to time the market. You really have to concentrate on what you can afford within a certain percentage.
Also you can buy a float from the mortgage company that will let you float down up to .25% for a fee.
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| Posted 4/24/06 1:02 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Locking in a Rate
We're not interested in buying points...not sure on what the standard thought is on that - but what you said makes sense Diana.
Posted by Blu-ize
Also you can buy a float from the mortgage company that will let you float down up to .25% for a fee.
We're using our bank...but this is interesting. I wonder if they offer something similar
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| Posted 4/24/06 2:03 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Locking in a Rate
colleen so excited for youuuuuuuuuuuuuuuuuuuuuuuuuuuuu
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| Posted 4/24/06 2:05 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Locking in a Rate
We had been keeping our eye on the interest rate and our mortgage guy called us to let us know that the rate had decreased, so we locked it in. We would then recieve calls about the lock in rate and asking us if we wanted to relock, but every time they called the rate was higher than our lock in rate so we obviously never switched. We were very lucky to get a locked in rate of 5.125% in July 2005 since I hear that current rates are as high as 6.725% now for a 30 yr fixed regular non jumbo mortgage.
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| Posted 4/24/06 2:07 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Locking in a Rate
Our mortgage broker keep a lookout for us... we were about to lock in, but hten we didn't, and the next week he called, and said "it just dropped" lock it in now! and we did... and then the next week it went back up
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| Posted 4/24/06 6:14 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Locking in a Rate
we had a free float down from our bank (Astoria). We got a second one, b/c he misquoted a rate and he felt bad, so he told us he would float us down twice no charge. Its definitely possible for them to do that
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| Posted 4/24/06 9:16 PM |
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