Need mortgage advise.....way past rate lock......

We locked in a 30 day rate lock middle of July for 5.625 %..... rate lock expired mid august, and we will be closing mid october.....Priceline said that if we are past the rate lock we could pay 1/8th of a point to keep it each week.... that would be $2,300. at the time we close...but the contract says a second option of relocking in at the higher of the current rate or previous locked in rate and paying the locking fee which is $390...for one month.... a big difference.....
OR....... if we back out of the current mortgage we will only lose the $390 we paid to lock in and the $250 for the appraisal they had done...which is $$640 verses $880.... and we would get a lower rate then the current one...unsure what to do

I would talk to Karissa Em, she had this happen and I think she worked it out so that her sellers payed for the extension but I would FM her just to make sure she sees this.

Here is an option.

If you are really in no rush to move in.... stick it to the seller thats causing your delay.

Totally drop your current mortgage company. Apply for a new mortgage at the current lower rate. This will delay your closing even longer which will piss of the sellers.

When they *****... tell them it was their fault because of the CO delay. Give them an ultimatium.... either pay your rate lock extentions... or you will have to start the mortgage process all over.


Of course... get advised by your lawyer before following this radical advice. But it is worth a laugh and could lead to good things.

Once the sellers realize you have to start from scratch with the mortgage... they may decide to nix the deal and find a new buyer if they feel they can get more for the house. Call their bluff.

---

Posted by februarybride

Rates have dropped this month, you may want to let it just expire and lock-in again.

---

I just talked to my loan officer on friday, he said he thinks once you past 60 days since your rate lock you can then pay the locking fee for 30 days and get the lower rate....He's going to check into it

Hi! I just saw this post. We paid 3x to extend our rate. It was the sellers that delayed the closing so they paid for half of the rate extension fee. Good luck!