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| User Info | Rate lock expiring, can you get a lower rate?; entered at 2011-05-17 09:14:00 | |||
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Newbtrader Posts: 4445 Registered: 2007-08-24 Bubbleville, VA 
| Well, just as the topic says, what happens when your rate lock expires? My current rate is locked in at 4.75 w/ an 1/8 of a point and expires towards the end of the month, but rates have gone lower in the last several weeks. The rate lock looks like it might just expire before we close, so can I adjust the rate to the current rate at the time of closing (assuming rates don't move higher)? Anyone's input in terms of how I could/should handle this situation is much appreciated. The lender guaranteed a rate of 4.75% at 1/8 point for another week, but we didn't actually pay to extend the lock period. Is it possible my rate could be negotiated down slightly? | |||