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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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How do you know when to lock in?
We are about to sign a contract for a new house. How do I know when the rate is the lowest?
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Posted 11/16/10 5:55 PM  |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: How do you know when to lock in?
anyone?
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| Posted 11/17/10 11:09 AM |
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Re: How do you know when to lock in?
my mortgage guy told me he monitors it daily and would let us know when to lock in.
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| Posted 11/17/10 11:53 AM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: How do you know when to lock in?
it really is a gamble... you can never be sure. we had finally locked in, the rates went down weeks later. we ended up refinancing 6 months after we bought the house.
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| Posted 11/17/10 1:02 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: How do you know when to lock in?
the prob is that you just DONT know when to lock.... our mortgage consult told us "whenever you feel comfortable with the rate, lock it in" we ended up getting 5.25% exactly a year ago, so IMO anything under than 5 is awesome (which it is right?)
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| Posted 11/17/10 4:21 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: How do you know when to lock in?
It's basically a cr@pshoot. Our mortgage broker told us to lock in when he thought rates were at their lowest. However, they dropped again right before we closed and he surprised us and gave us the lower rate.
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| Posted 11/17/10 4:25 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: How do you know when to lock in?
I would lock in when you have a chance. I really don't think the rates can go much lower or the banks will not make any money. If they don't make money there is no incentive to lend. I cannot imagine the rate going in the 3% range, EVER. If you have low 4s, I think you've done the best you're ever going to do.
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| Posted 11/17/10 4:37 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How do you know when to lock in?
Posted by OStewarts
I cannot imagine the rate going in the 3% range, EVER. If you have low 4s, I think you've done the best you're ever going to do.
we closed today our rate is 3.875% 30 year no points (APR is 3.9)!! the lawyers and the sellers were really surprised
Your broker will watch the rates and then lock in when you guys feel comfortable with the rate, good luck!
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| Posted 11/17/10 5:51 PM |
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04bride
I'm a big sister!!!
Member since 5/05 6707 total posts
Name:
Noel
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Re: How do you know when to lock in?
Posted by maybesoon
Posted by OStewarts
I cannot imagine the rate going in the 3% range, EVER. If you have low 4s, I think you've done the best you're ever going to do.
we closed today our rate is 3.875% 30 year no points (APR is 3.9)!! the lawyers and the sellers were really surprised
Your broker will watch the rates and then lock in when you guys feel comfortable with the rate, good luck!
was this a regular loan or fha?
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| Posted 11/17/10 5:54 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How do you know when to lock in?
Posted by 04bride
Posted by maybesoon
Posted by OStewarts
I cannot imagine the rate going in the 3% range, EVER. If you have low 4s, I think you've done the best you're ever going to do.
we closed today our rate is 3.875% 30 year no points (APR is 3.9)!! the lawyers and the sellers were really surprised
Your broker will watch the rates and then lock in when you guys feel comfortable with the rate, good luck!
was this a regular loan or fha?
regular loan
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| Posted 11/17/10 5:55 PM |
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ria
LIF Adolescent
Member since 7/06 664 total posts
Name:
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Re: How do you know when to lock in?
We locked in a few weeks ago. It was around 4.025 for a while, which we were fine with, but then the week we got the call that we were closing it went down to 3.875 and we were so thrilled. We felt like we won the lotto haha. So our rate is 3.875.
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| Posted 11/17/10 6:10 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: How do you know when to lock in?
WOW! For a 30 year loan
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| Posted 11/17/10 6:19 PM |
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ria
LIF Adolescent
Member since 7/06 664 total posts
Name:
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Re: How do you know when to lock in?
Posted by Serendipity
WOW! For a 30 year loan
I do not know if you are referring to me, but yes, a 30 year, no points loan. 
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| Posted 11/17/10 6:32 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: How do you know when to lock in?
Are any of these rates for JUMBO mortgages? I need a JUMBO 30 year fixed.
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| Posted 11/17/10 8:04 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How do you know when to lock in?
Posted by ria
We locked in a few weeks ago. It was around 4.025 for a while, which we were fine with, but then the week we got the call that we were closing it went down to 3.875 and we were so thrilled. We felt like we won the lotto haha. So our rate is 3.875.
this is EXACTLY what happened to us I thought they made a mistake I kept calling and asking !
are you with wells fargo too?
Message edited 11/18/2010 8:23:11 AM.
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| Posted 11/18/10 8:22 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: How do you know when to lock in?
Posted by SecretTTCer
Are any of these rates for JUMBO mortgages? I need a JUMBO 30 year fixed.
Jumbo will always be higher I "think" by .5
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| Posted 11/18/10 8:22 AM |
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ria
LIF Adolescent
Member since 7/06 664 total posts
Name:
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Re: How do you know when to lock in?
Posted by maybesoon
Posted by ria
We locked in a few weeks ago. It was around 4.025 for a while, which we were fine with, but then the week we got the call that we were closing it went down to 3.875 and we were so thrilled. We felt like we won the lotto haha. So our rate is 3.875.
this is EXACTLY what happened to us I thought they made a mistake I kept calling and asking !
are you with wells fargo too?
We are with TFCU.
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| Posted 11/18/10 12:26 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How do you know when to lock in?
Posted by speakthetruth
my mortgage guy told me he monitors it daily and would let us know when to lock in.
I would also do your own homework. I don't necessarially trust mortgage brokers or bank loan officers with this. Sometimes they decide to lock you in when they feel they would get the greatest profit on the deal.
Or they may prematurely lock you in at say 4.5% when they feel rates are sure-fire going to continue to drop. They "lock you in" at 4.5% (even though they didn't lock in their end). Then they gamble hoping rates go down and if they drop to 4.25% they lock in on their end without telling you, thus earning the difference (profit for them).
I like this blog that somebody here posted a while back.
Mortgage News Daily
Message edited 11/18/2010 1:45:03 PM.
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| Posted 11/18/10 1:43 PM |
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