2006-12-06 12:48:17 · 7 answers · asked by Joe S 1 in Business & Finance ➔ Renting & Real Estate
You should ask your mortgage broker how long you're locked in before you can refinance. Usually, with most mortgages, you can refinance if rates improve, or if you have more money to put down later or if your credit improves.
Interest rate is mainly based on your credit score, I believe, but there are many other factors.
Check out Yahoo Finance, there's a wealth of info there....
Cheers
2006-12-06 12:53:03 · answer #1 · answered by downhill373 1 · 0⤊ 0⤋
If you close before the lock expires, yes. I've occasionally seen ads for loans that will let you re-lock if the rate goes down but those are usually only hyped when rates are rising or if the locked-in rate is a bit high to begin with.
It's a gamble. If you expect rates to drop then "float" and take the rate on the closing date. If you expect rates to rise, take the lock but make damn sure that you close before the expiration date!
2006-12-06 13:20:13 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Only if you already closed your loan on a purchase! If you are refinancing and signed loan documents, you still have 3 full days to cancel after you've signed final loan documents. By law, on owner occupied property refinances, lenders have to allow you time in case you want to rescind! (some states allow you to waive the rescission period)
If you went to a mortgage broker, they have unlimited access to different lenders. So even if he can't change the loan lock, he can always cancel your loan with that lender and take it to another one! Your loan will be delayed maybe a couple of days, but do expect some delay in the closing!
I'm a mortgage broker, and that's what I would do! I do not cater to lenders, I cater to my clients!
2006-12-06 12:55:25 · answer #3 · answered by ALEGNA 3 · 0⤊ 0⤋
Plenty of great answers already for this
2016-08-08 20:58:51 · answer #4 · answered by ? 3 · 0⤊ 0⤋
You are, if you accept the loan from that source. But you can go elsewhere. However, most sources will adjust if the rate goes down (not likely under current conditions)
2006-12-06 12:53:14 · answer #5 · answered by bata4689 4 · 0⤊ 0⤋
I always spend my half an hour to read this blog's posts daily along with a mug of coffee.
2016-08-23 12:16:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Dave Parker and Cole Hopkins posted the same question. You should read the answers side by side.
2016-09-19 14:55:12 · answer #7 · answered by ? 4 · 0⤊ 0⤋