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Salason
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Member since 6/05 9878 total posts
Name:
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Rate Lock Question
if your rate expires and rates are lower than where you locked, do you get the lower rate? we're locked with wells...
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Posted 7/30/09 10:05 AM  |
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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: Rate Lock Question
Yes you should get the lower rate if it expires.
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| Posted 7/30/09 11:02 AM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Rate Lock Question
That's how it should work but I'm concerned they'll get me in fees somewhere... My mortgage guy said "no" when I asked him this but gave me a very cagey explanation...
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| Posted 7/30/09 11:56 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Rate Lock Question
I'm assuming you were charged a "rate lock fee" already when you locked in at your current rate.
We used Wells as well 
If you let your current lock expire and then the rates are lower at that time, then you can either get that rate and close right away, or you could "re-lock" in at the new rate, but I'm pretty sure they are able to charge you AGAIN for another "rate lock fee"
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| Posted 7/30/09 12:52 PM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Rate Lock Question
Thank you
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| Posted 7/30/09 2:00 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: Rate Lock Question
Posted by Salason
That's how it should work but I'm concerned they'll get me in fees somewhere... My mortgage guy said "no" when I asked him this but gave me a very cagey explanation...
The mortgage guy said no because he stands to make ton of extra cash for himself if he forces you to keep that rate when market rates are much lower.
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| Posted 7/30/09 2:45 PM |
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