I am so mad. I thought once you get the commitment letter you are locked in. I just heard that you are not locked in until you close. I am so mad. When the letter went out it was 5.7 and now it is 6.
STOPPPPPPPP!!!!!!!!!!!
TracyInQueens
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Re: Rates are going up soooo quick!!!!!!!!
Well, that *****.
LisaT
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Re: Rates are going up soooo quick!!!!!!!!
we locked in our rate once we were in contract, not closing. You should NOT have to wait to close to lock in.
nov2004bride
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Re: Rates are going up soooo quick!!!!!!!!
Posted by LisaT
we locked in our rate once we were in contract, not closing. You should NOT have to wait to close to lock in.
I am so mad now!!! I have to find this out. You would think our Mortgage Broker (DH's friend) would know this.
Mel_and_Dave
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Re: Rates are going up soooo quick!!!!!!!!
Yeah you definitly should be locking in at contract. If your brocker is not doing this I would question it right away, Hopefully they are not being shady.
ThongLori
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Re: Rates are going up soooo quick!!!!!!!!
It depends... we were advised not to lock in contract right away because it is new construction and we were waiting for the building's CO. It was too risky to lock in and take the chance of breaking the lock -- you have to pay penalty to extend it. We could have waited 30 days or 300 days, nobody knew. Our attorney is the one who advised us what to do -- NOT the bank. The CO just came in this week and he gave us the green light to lock in.
I would check with your attorney, there may be a reason he is asking you to wait.
Good luck!
nov2004bride
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Re: Rates are going up soooo quick!!!!!!!!
Posted by ThongLori
It depends... we were advised not to lock in contract right away because it is new construction and we were waiting for the building's CO. It was too risky to lock in and take the chance of breaking the lock -- you have to pay penalty to extend it. We could have waited 30 days or 300 days, nobody knew. Our attorney is the one who advised us what to do -- NOT the bank. The CO just came in this week and he gave us the green light to lock in.
I would check with your attorney, there may be a reason he is asking you to wait.
Good luck!
Thank you! I will call him tomorrow.
RedHead
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Re: Rates are going up soooo quick!!!!!!!!
If it isn't 'new construction' i would definately have locked in at contract! Interest rates ARE going up now!!!!
Preshy7
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Re: Rates are going up soooo quick!!!!!!!!
we locked 60 days before closing?? why didnt you get to lock when the offer was accepted? thats not right
DjPiLL
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Re: Rates are going up soooo quick!!!!!!!!
Posted by nov2004bride
Posted by LisaT
we locked in our rate once we were in contract, not closing. You should NOT have to wait to close to lock in.
I am so mad now!!! I have to find this out. You would think our Mortgage Broker (DH's friend) would know this.
Thats why its unwise to ever use a 'friend' to do anything RE related. You automatically become last on the totem pole because of this.
skew
Posted:
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Re: Rates are going up soooo quick!!!!!!!!
Posted by DjPiLL
Posted by nov2004bride
Posted by LisaT
we locked in our rate once we were in contract, not closing. You should NOT have to wait to close to lock in.
I am so mad now!!! I have to find this out. You would think our Mortgage Broker (DH's friend) would know this.
Thats why its unwise to ever use a 'friend' to do anything RE related. You automatically become last on the totem pole because of this.
i COMPLETELY disagree. it is an unfortunate circumstance, but you can't blame it on the fact that he is a friend. perhaps he is new to the field and not familiar w/ all the policies and procedures. our realtor is a VERY close family friend and BECAUSE of that she went above and beyond to make certain our needs and wants were met.
lisau18
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Re: Rates are going up soooo quick!!!!!!!!
My Mortgage broker won't let us lock in til he has a closing date, and I am really pissed about that.
blushingbride2003
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Re: Rates are going up soooo quick!!!!!!!!
I have been told by numerous people (attorney, bank, etc.) that a locked in rate is only good for 60-90 days. If your closing date goes past this date, the bank will use what the current interest rate is. Is this wrong?
skew
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Re: Rates are going up soooo quick!!!!!!!!
Posted by blushingbride2003
I have been told by numerous people (attorney, bank, etc.) that a locked in rate is only good for 60-90 days. If your closing date goes past this date, the bank will use what the current interest rate is. Is this wrong?
most banks will allow you to lock for an extended period of time, but they will charge you pts (1 pt = $1,000 for every $100,000 borrowed). orginally i thought a pt was 1.00 (logical, huh?), but it is .01
ThongLori
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Re: Rates are going up soooo quick!!!!!!!!
Posted by blushingbride2003
I have been told by numerous people (attorney, bank, etc.) that a locked in rate is only good for 60-90 days. If your closing date goes past this date, the bank will use what the current interest rate is. Is this wrong?
if we go past our rate lock (which we better not!!!) we can pay to extend it.
