3.75% on a 30 year fixed

Thats really good right? I didnt lock in last month and the rates went down? So I think I should lock in now? Closing is supposed to be 11/15, but its a short sale so I dont know whats going to really happen KWIM??

Re: 3.75% on a 30 year fixed

That's a really good rate. I would only lock if you are fairly certain this will close within a month. Typically, banks will lock for 30 days. If you want to lock further out (in your case, 45 days), it will usually cost you more to do so. Have you talked to your lender about this, so you can weigh the pros and cons.

As far as whether you can be certain you will close soon --

I am assuming that the 11/15 date is the on or about date in the contract, and not a scheduled date (given it's 6 weeks away). So I wouldn't necessarily go by that. Even in a typical sale, those dates are not exact dates -- the closing just needs to happen within 30 days of that date.

Has the bank approved your short sale, or is your contract still pending bank approval? Once the bank gives approval, they usually want to close asap (within 30 days).

Where are you with your mortgage application? Do you have a mortgage commitment yet, or is your loan still in processing? Depending on the bank, it can take awhile to get a commitment.

Do you know if there are any CO issues with the house (missing COs for additonal structures like decks, sheds, extensions?) A short sale is typically "as is," so the bank won't usually take care of that, but your bank may require YOU to get the CO (or remove the item for which there aren't COs). It just depends on the bank and the issue, but this type of thing can crop up and delay a closing.

I would definitely talk to your attorney, realtor, and mortgage professional to get all of this information before you make a decision.

Re: 3.75% on a 30 year fixed

11/15 is the on or about date. Both the seller and I have signed the contract and are waiting for bank approval. Were told by the sellers agent that they had an offer just below mine and the bank mentioned they needed to go a little higher. I offered $19k below asking. The sellers agent said shes 99% sure they will accept but you never know. I have been preapproved for the mortgage already. It is an as is sale, but the COs are taken care of. I have a meeting with my mortgage broker on Monday.

Re: 3.75% on a 30 year fixed

OK - then based on all of that, I'd say don't lock yet. There's a lot that needs to happen before closing. Who knows how long the bank may take to get back to you? (Hopefully it will be quick, but there's just too much uncertainty). I am sure your mortgage guy will say the same... but good luck!

The rates have been holding pretty steady, so don't despair if you need to wait awhille!

Re: 3.75% on a 30 year fixed

Where did you get 3.75% for a 30 year fixed? We were approved for a 3.25% 30 year, adjustable after 7 years.

Re: 3.75% on a 30 year fixed

whoa, I want that rate!!! Pass on your mortgate com.

Re: 3.75% on a 30 year fixed

That's great if there are no points. We got 3.875 no points back in november

Re: 3.75% on a 30 year fixed

great rate- but you can't lock until the short sale is approved! the on or about date doesn't mean much on a short sale contract

I am aiming to close all mine by the end of the year- and that with a full time short sale processor working on my files