Mortgage Rate Question

So, we are in our 60 day period. We locked a rate but it is my understanding that we get the lowest rate offered in that period. Yesterday when the rates plunged, we called our guy who still has not gotten back to us.

If he didn't lock it in yesterday, can he still do it?

Is it his job to get us the lowest rate, or do we have to be on top of him?

Can we go above him if he didn't put it in and we had asked him to?

Ok, now I'm really pissed. Our friends are using the same mortgage guy and he called them back and lowered their rate but didn't get back to us! WTFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!!!

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Posted by boulderbride08

I wasn't aware that you could get the lowest rate in the 60 day period once you were locked in - I thought you were locked into that specific rate. I would definitely stay on top of the rates (and this guy) - who better to look out for you than you. AND the rates are supposed to fall again next week !!

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You can have them lock in a lower rate. You have to pay though if it doesn't drop significantly. All companies have different rules.

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Posted by snwb08

is it a broker that you're using. i thought when you locked in you were locked...but i dont know

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We are using a bank. Yes, we are locked in but since we are still within 60 days of our lock, we can have him lock a lower rate.

I'm here w/ my fh right now (he's a mortgage banker)

-Yes it is his job to get you the best rate..but understand the higher the interest rate he sells you, the more money he makes on the loan. So the lowest rate he will offer you may not always be the lowest rate available...if you want to talk to my fh - FM ME FOR HIS NUMBER - he's the best and I'm not just saying that b/c he's my love hehehhehehehe

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Posted by Nc82

I'm here w/ my fh right now (he's a mortgage banker)

-Yes it is his job to get you the best rate..but understand the higher the interest rate he sells you, the more money he makes on the loan. So the lowest rate he will offer you may not always be the lowest rate available...if you want to talk to my fh - FM ME FOR HIS NUMBER - he's the best and I'm not just saying that b/c he's my love hehehhehehehe

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Thank you! We close in 3 weeks so we really just want to get things done with this guy so we don't push it back. The problem is that he is d!cking us around and not getting back to us. He keeps saying that we will worry about the rate later meanwhile everytime they drop he doesn't call us back until they go up again. Just frustrated!!!

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Posted by jessamyn78

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Posted by Nc82

I'm here w/ my fh right now (he's a mortgage banker)

-Yes it is his job to get you the best rate..but understand the higher the interest rate he sells you, the more money he makes on the loan. So the lowest rate he will offer you may not always be the lowest rate available...if you want to talk to my fh - FM ME FOR HIS NUMBER - he's the best and I'm not just saying that b/c he's my love hehehhehehehe

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Thank you! We close in 3 weeks so we really just want to get things done with this guy so we don't push it back. The problem is that he is d!cking us around and not getting back to us. He keeps saying that we will worry about the rate later meanwhile everytime they drop he doesn't call us back until they go up again. Just frustrated!!!

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As long as you have a fully executed contract, appraisal, and income documentation - my fh can have you closed in 2wks if you like....This guy does not seem like he's out for your best interest...let me know!