'Being competitve' Mortgage Rate Help!!!

Lawyer called today and said 'OK to Lock a rate' (finally, ahem.) LOL.

We went through all steps w/ Chase and now that everything is done - the rate is a little higher than a month ago.

Greenpoint is about 5.75/5.85 and we think Chase is going to try a rate of 6.0% on us.

We have so many ?'s, but mainly, if we call up Greenpoint and they say the rate is lower than Chase, do you think they'll be competitive?

Or...will they think they got us by the you-know-whats and we won't look elsewhere (time issues, already had bank appraise house, etc)??

we locked in....we used Wash Mutual, but it turns out its gonna save us so much $

sometimes you gotta take a chance. Good Luck!

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Posted by Gonnacatchapeacock

Lawyer called today and said 'OK to Lock a rate' (finally, ahem.) LOL.

We went through all steps w/ Chase and now that everything is done - the rate is a little higher than a month ago.

Greenpoint is about 5.75/5.85 and we think Chase is going to try a rate of 6.0% on us.

We have so many ?'s, but mainly, if we call up Greenpoint and they say the rate is lower than Chase, do you think they'll be competitive?

Or...will they think they got us by the you-know-whats and we won't look elsewhere (time issues, already had bank appraise house, etc)??

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This is a sticky situation..just remember that they dont have to 'Share' the appraisal information..my friend had to pay for a new one when she switched mortgage companies. Did greenpoint run your credit too..or is that the 'quoted' rate..they love to give you a drop dead amazing rate then they dont deliver..just becareful. But if they say they can do it..all that matters is the commitment letter for your loan :)GOODLUCK!