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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Hi,
I don't know what to do?? Don't know if we should lock in or wait?? We are wtih Wells Fargo and just got a rate quote of 4.75% matching the credit unions for 0 Pts. 4.625% is 1 pt and 4.5% 1.25 pts.
My question is should I wait a few days and see if they drop further or don't risk it?? I would have given my right arm for 4.75 a month ago, now i am being greedy and am hoping for 4.625 or even 4.5..
Anyone in the mortgage/financial world can advise what I should do?? Thanks SO much,
Denise
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Posted 6/25/10 2:28 PM  |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
When I was going to lock in our banker said to us, are you the type of person who will worry if it goes up each day. If so then lock in... I waited a little bit and then locked w Wells. Thankfully the rates went up after that and I made the right move.
So I think it depends how far in your are with all the paperwork and what kind of person you are... That's a great rate.
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| Posted 6/25/10 2:46 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
We haven't got approved yet, but looks good. Umm.. our contract has date of July 15th and it can go 30 days forward.. If we lock in today 6/25 we would have to 8/25 to close.. Think that is cutting it too close, but also don't want to risk losing rate?
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| Posted 6/25/10 3:03 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Bump.. advise please......
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| Posted 6/25/10 3:25 PM |
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w8andsee
LIF Adult
Member since 10/09 1193 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
how much would you be saving per month if the rate went down to 4.625 or 4.5? Is it enough to take the chance? Also is there a fee you can pay to relock at a lower rate?
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| Posted 6/25/10 3:41 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Not much> i figured $25 at 4.625 or $50 at 4.5..
You can get a lower rate if it goes lower but it has to be 3/8 of a percent lower.
So is saving $25 or $50 a month worth risking the rates going higher???
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| Posted 6/25/10 3:50 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: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
My broker has been posting either 4.5% or 4.625% since June 8th.
If Wells Fargo just lowered their rate to 4.75%, and this is the first time they offered it with 0 points, i'd probably lock.
But that's just me. I'd be happy with that rate assuming is 0 points.
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| Posted 6/25/10 3:51 PM |
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w8andsee
LIF Adult
Member since 10/09 1193 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Posted by Denisemang
Not much> i figured $25 at 4.625 or $50 at 4.5..
You can get a lower rate if it goes lower but it has to be 3/8 of a percent lower.
So is saving $25 or $50 a month worth risking the rates going higher???
for me its not worth risking. . . however i'm not a huge risk taker either. which would you feel worst about, if you locked in and it went down or if you didn't lock in and it went up?
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| Posted 6/25/10 3:57 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Ugg both, probably, lol. No honetsly I would feel worse if it went up.. So I think Iam going to lock.. Thanks for all your suggestions, ladies! :)
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| Posted 6/25/10 4:02 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
yes with wells you should. if it goes down you can unlock and get that rate for 1/2 the difference so IMO its worth it because it would still be less then the current rate!
uhh 3 months ago it wasn't that good 
ETA you don't pay any fees to unlock and change you just get half the difference of the new rate instead of the whole new rate
Message edited 6/25/2010 4:06:38 PM.
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| Posted 6/25/10 4:05 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Wait, I dont understand.. So if it goes lower, lets say 4.625% I can unlock and get a rate of 4.7% (if that is half, I don't even know, lol) of the difference between 4. 75 and 4.625? Is that right??
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| Posted 6/25/10 4:32 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
BTW, I know. When we got our preapproval letter in May, they quoted us 5.25%.. And I thought that was great! Do you know much abotu Wells Fargo?
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| Posted 6/25/10 4:34 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
ok. so if its curently 5.25 and it drops to 5% you can unlock and get it for 5.13% instead of 5%. its still better then the current lock in at 5.25 but not as good as the 5. that is half the difference.
and by paying the .13% more then the current rate, they make a "fee" persay off of you.
I don't believe they will do it any other way
Message edited 6/25/2010 4:38:31 PM.
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| Posted 6/25/10 4:37 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Oh ok, i see. But what if its only a difference of 1/8 percent. For example I lock in at 4.75 and it goes to 4.625? Would they even do it for that small differnce. My mortgage person said you can only get a rate reduction if its 3/8 or more of a difference..
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| Posted 6/25/10 4:43 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Posted by Denisemang
Oh ok, i see. But what if its only a difference of 1/8 percent. For example I lock in at 4.75 and it goes to 4.625? Would they even do it for that small differnce. My mortgage person said you can only get a rate reduction if its 3/8 or more of a difference..
that might be true, I'm not sure of the limit, but I know you can do it as many times as you want (I guess it would be depending on if it dropped enough to be able to)
either way lock it! you know if it drops you can still get a better rate. and honestly, that's the best I have seen in awhile. I don't know if its going to go much lower.
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| Posted 6/25/10 4:46 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Thanks so much for your help. I think I am going to. He said I have until Monday morning..
Have a great weekend and once again thanks for the advice.. :)
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| Posted 6/25/10 5:08 PM |
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Octobermom
LIF Adult
Member since 1/09 972 total posts
Name:
Anna Maria
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
Sounds like a really good rate to me.
I'm refinancing now and locked in at 4.375 no points but that's for a 15 year mortgage.
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| Posted 6/25/10 8:45 PM |
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Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
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Re: Please help me Anyone in mortgage?... SHould I lock in?? 4.75% w/0 pts?
I would lock in now just in case because that is a really good lock
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| Posted 6/25/10 11:00 PM |
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