Can I get out of this and then get the lower rate? Supposedly with my application I signed something that locked me in at that rate. I cant see how they would let me get the lower rate now, since they protected me from getting a higher rate. How often do these rates change?!
2007-03-25 06:23:12 · 4 answers · asked by studebakerwilson 1 in Business & Finance ➔ Renting & Real Estate
You arent locked until underwriting gives conditional approval, the loan origination company will send you a lock confirmation by the source. You should have asked for a float down lock. Some places dont even remember what those are.
2007-03-25 06:34:27 · answer #1 · answered by Myron 4 · 2⤊ 1⤋
Interest rates fluctuate fairly frequently. If you have a fixed rate mortgage, it's doubtful that they will give you a lower rate. In the future, if rates are significantly lower, you can refinance to a new mortgage with a lower rate.
However, you need to remember that the interest rate could just as easily have gone up (and it looks like rates are going to increase). That means that while you missed out on this little bit of savings, you're also shielded from those future rate increases.
2007-03-25 06:29:50 · answer #2 · answered by Dave 2 · 0⤊ 0⤋
You can now lock in at the lower rate.
2007-03-25 08:01:46 · answer #3 · answered by chris g 1 · 0⤊ 0⤋
Don't sweat an eighth. It probably amounts to a $12/month change in your payment.
Rates change every day.
2007-03-25 10:41:31 · answer #4 · answered by Quixotic 3 · 0⤊ 0⤋