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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Mortgage question
so my closing is set for the middle of august. I'm working with a broker now. I have the mortgage commitment and all that and now we are watching the market and waiting to lock in a rate. today she said the rate was 6.375. Now I bank at BFCU and there mortgage rate on their website today showed 6.25%. Now I'm afraid I made the wrong choice. My first question is do I have any obligation to the broker? and secondly - do I have time to switch?
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Posted 7/16/08 4:14 PM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question
you are not obligated to anyone
but 6.25% is the going rate now - of course- there are other factors involves- credit, down payment etc
I would let the person you are working with now try to match it- that will save you time from starting over
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| Posted 7/16/08 4:21 PM |
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jewels
Stop and smell the flowers
Member since 7/06 1538 total posts
Name:
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Re: Mortgage question
just an fyi - a lot of websites list the day's rate based on paying 1 point. makes it look good i guess! just read the fine print and make sure you aren't comparing apples with oranges. 
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| Posted 7/16/08 4:36 PM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: Mortgage question
Posted by Beth1210
you are not obligated to anyone
but 6.25% is the going rate now - of course- there are other factors involves- credit, down payment etc
I would let the person you are working with now try to match it- that will save you time from starting over
we have excellent credit and are putting 20% down. I told her I saw 6.25 today and she said I shouldn't be seeing that, treasuries are up today. I'm so confused. I guess I should start looking again.
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| Posted 7/16/08 4:36 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question
Posted by emeraldeyez
we have excellent credit and are putting 20% down. I told her I saw 6.25 today and she said I shouldn't be seeing that, treasuries are up today. I'm so confused. I guess I should start looking again.
why shouldn't you be seeing that? that's been the going rate on a 30 year fixed for 2 weeks
another poster got the 6.25% rate quote today
you should be able to get it also
Message edited 7/16/2008 4:51:49 PM.
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| Posted 7/16/08 4:40 PM |
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samanthasmom
LIF Adolescent
Member since 5/05 528 total posts
Name:
Tammy
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Re: Mortgage question
Did the broker have you sign any papers?? if not then you are not obligated but if you signed with him you can be.
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| Posted 7/16/08 8:19 PM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: Mortgage question
no I didn't sign any papers. Is it possible to play two hands and go through a bank and a broker and lock it the one with the better rate? and do I not mention to the bank that I'm already dealing with a broker?
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| Posted 7/16/08 9:35 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Mortgage question
Yes, you can play both hands. We went with BFCU for our mortgage because not only were their rates the lowest, but they were the cheapest closing costs. Saved us over $5,000 from the broker we were talking to and with a better rate.
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| Posted 7/17/08 12:14 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Mortgage question
take your business elsewhere if this lady is playing games, which it sounds like she is!! Definitely shop around at least!!
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| Posted 7/17/08 8:43 AM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: Mortgage question
Thanks everyone! everything was going so smoothly until now. I'm going to contact my bank and go from there. I hate watching the rates every day and worrying that it's going to keep going up and I will screw myself by not locking in.
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| Posted 7/17/08 9:18 AM |
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