Question 2 for Homeowners: Mortgage Rates

ILT1221 Posted: Sep 30, 2003 12:58 PM

Question 2 for Homeowners: Mortgage Rates

If we locked in at a specific rate and the rates went down a little bit...can we negotiate the rate down right before closing?

Fran M Posted: Sep 30, 2003 01:52 PM

Re: Question 2 for Homeowners: Mortgage Rates

You should ask this question before you lock in. Lendors have different policies at different times on this. It never hurts to ask.

Jeanene Posted: Sep 30, 2003 02:04 PM

Re: Question 2 for Homeowners: Mortgage Rates

We negotiated this provision with our lender before we locked in. So, for example, since rates have gone down this past week, our lender today locked us in at a lower rate then we were locked in last week.

Good Luck!

Mandy77 Posted: Sep 30, 2003 02:18 PM

Re: Question 2 for Homeowners: Mortgage Rates

Check with your lender....I believe that most companies will let you have that rate. Mine does.

ILT1221 Posted: Sep 30, 2003 02:21 PM

Re: Question 2 for Homeowners: Mortgage Rates

Thanks for the replies!

Marcela1654 Posted: Sep 30, 2003 02:35 PM

Re: Question 2 for Homeowners: Mortgage Rates

It's called a 'Float'. Some mortgages allow it and some don't.

Cira Posted: Oct 01, 2003 10:49 AM

Re: Question 2 for Homeowners: Mortgage Rates

Exactly!

It is really close for you, but find out if you'll be charged a fee if you cancel out of the obligation besides the application fee in the beginning. We threatened to go with a different broker and they let us take the lower rate.