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User Info Rate lock expiring, can you get a lower rate? in forum [Credit]
Newbtrader
Posts: 4445
Incept: 2007-08-24
Green A True American Patriot!
Bubbleville, VA
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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?

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"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -Thomas Jefferson
Geckogm
Posts: 3720
Incept: 2007-06-26
Gold
Canyon Lake
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This question is hard to answer without more info. The best way to go in my opinion is to.

Call the lender ask what options are available to you for a reprice. Have them define all your options.

Squeeze them a little and see how much they cough up.


Quote:
so can I adjust the rate to the current rate at the time of closing
NO

Maxpowers
Posts: 1205
Incept: 2008-02-21
Green
Orange County, CA
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floatdown. typically will cost you some pricing (anywhere from 25 to 75 bps). Also typically you have to make a committment to close within a short time (7-10 days)
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