If I lock in an interest rate for 60 days and the rates go down, do I get it at my locked rate or the lowest rate during the 60 days?
2007-10-25 10:05:49 · 6 answers · asked by sooners83 4 in Business & Finance ➔ Renting & Real Estate
Unless the loan commitment guarantees you the lower rate, you get the locked in rate.
2007-10-25 10:09:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
When you lock your rate, you get the rate the day and time it's locked...not the lowest rate in the next 60 days.
Make sure your lock has a one-time float-down option...what that means is that if the rates go lower, ONCE during the 60-day period, you can relock at the lower rate, but if it goes down any further you are stuck.
You just have to catch it...it's a gamble and no one has a crytal ball.
2007-10-25 17:20:47 · answer #2 · answered by Expert8675309 7 · 2⤊ 0⤋
You cancel the deal and lock in the new rate.
2007-10-25 17:09:12 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You get the locked rate. (If rates went up in those sixty days, would you agree to accept the highest rate in that time period?)
2007-10-25 17:23:44 · answer #4 · answered by acermill 7 · 1⤊ 1⤋
Locked in means exactly that! the interest is locked in for duration of loan.
However if you pay it off sooner, then you will save some interest money (unless there is an "early payoff" penalty
I invite you to join the following Yahoo group where you may find information to help you with this situation.
http://finance.groups.yahoo.com/group/dontgetrippedoff/
2007-10-25 17:11:25 · answer #5 · answered by Sgt Big Red 7 · 0⤊ 3⤋
tricky issue. query with a search engine. it will help!
2014-11-06 04:20:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋