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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Rate lock expiring?
What happens if the rate expires before we close on our refinance? If rates have gone down, would it be a good thing if it did, in fact, expire?
Message edited 7/17/2012 10:44:07 AM.
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Posted 7/17/12 10:43 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Rate lock expiring?
Yes, if the rates have gone down it would be a great thing for your lock to expire bc then you'd get a lower int rate on your loan.
Now, if the rate you have is better, than you can talk to your bank about extending it. Depending on who is holding up the closing, the bank may pay to extend it (our did).
ETA: Hmmm, just saw it's a refinance. Not sure how that changes things.
Message edited 7/17/2012 2:03:52 PM.
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| Posted 7/17/12 2:03 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Rate lock expiring?
When ours expired the rates had gone down so they automatically extended it for us and "waived the fee" for us gee thanks
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| Posted 7/17/12 2:51 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Rate lock expiring?
Posted by Mrs213
When ours expired the rates had gone down so they automatically extended it for us and "waived the fee" for us gee thanks
This. I don't think they would let you have the lower rate, at least this was our experience when we first bought our house and again when we refi'd, as both times the rate went down after we locked.
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| Posted 7/18/12 11:04 AM |
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