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Any one lock into a rate and....
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malone130
LIF Infant
Member since 10/06 126 total posts
Name:
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Any one lock into a rate and....
get a cheaper rate with another bank/company? I am just wondering what the process would be. Once you lock into a rate, are you obligated to use that company or do you just pay a fee to get out of it?
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Posted 9/10/07 11:34 AM  |
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Prudential Douglas Elliman Real Estate
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Any one lock into a rate and....
If you got a GFE from that other company, send it to your current mortgage company and have them match that rate.
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| Posted 9/10/07 1:31 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Any one lock into a rate and....
Posted by malone130
get a cheaper rate with another bank/company? I am just wondering what the process would be. Once you lock into a rate, are you obligated to use that company or do you just pay a fee to get out of it?
We locked in at 6.375% as of last week. from what I was told by my broker at Chase (btw, he is AWESOME if you want his info FM me). If the rate goes lower than 6.375, 1 week prior to the closing he will check the rates and if he can get us a lower rate than 6.375% then we are entitled to the lower rate.. free of charge. We bank with chase so it was an easy decision for us to go with Chase. We did check with Bank of America & their rates were higher than every other bank.. i think it was around 7% and higher.
We had a deal prior to this that fell thru about 1 month ago. And when we applied for the loan we had 6.5%. so within 1 month the rates dipped drastically.
again, fm me if you want my mortgage guy's info. He lives out in Massapequa but he works in NYC. He is honest and very quick to return e-mails and/or calls.
good luck!
Message edited 9/10/2007 1:53:49 PM.
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| Posted 9/10/07 1:53 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Any one lock into a rate and....
We used a broker and this happened to us. He locked us in with Wells Fargo at 6.0% and then called one day and asked if we minded going with another bank if he could get us a lower rate and we said sure. We locked in with ABN Amro at 5.875%.
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| Posted 9/10/07 2:36 PM |
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malone130
LIF Infant
Member since 10/06 126 total posts
Name:
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Re: Any one lock into a rate and....
I guess it wouldn't hurt at this point to get another quote. Im just worried that the mortgage company we are with now would charge a full fee since we are so far into the process. I would think that if they were about to lose our business, they would make a concession.
I wish I did check with chase. I was under time constraints at the time but many people have recommended them.
Thanks for the info.
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| Posted 9/10/07 4:11 PM |
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FLaCaTaCa
Kelsey Elyse = Love
Member since 5/05 1855 total posts
Name:
Stacy
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Re: Any one lock into a rate and....
Congrats to all of you!! You all got really awesome rates!!! I gotta be honest and say that I did NOT use the greatest Mortgage broker ever. Here in this little town though, there isn't much of a choice. My hubby and I are going for a VA Loan so the brokers here that actually do that are pretty limited. Anyway, I got a higher rate than any of you mentioned here so CONGRATS!!!
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| Posted 9/10/07 7:50 PM |
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