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altering interest rate while loan is in underwriting

rates have gone down since i submitted my loan app and im too nervous to ask my mortgage guy right off the bat, but is it ok or even possible to ask to lower the rate at this point? we did the math and the savings would be significant enough that we're willing to step on some toes if we hear it's normal by jilleaston78563398 from Clay, Texas. Jan 15th 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Did you give permission to lock your loan? If it is locked , most lenders will have an option to re-lock but may be at a cost. Speak with your loan officer as soon as possible.

Jan 15th 2015
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Chris Neuswanger (mtnmortgageguy)
#95 ranked lender in Colorado - 84 contributions

I can pretty well assure you that your mortgage guy is getting lots of calls asking the same question, no need to be nervous. I got three this week asking the same. Generally you can float down but there will be a fee associated with it. Every lender has their own policy on this .

Jan 16th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

If your loan is not "Locked" then you should get the lower rate.. If your loan is locked, then some lenders allow you to do a "One Time Float Down" which allows you to re lock at the lower rate one time during a rate lock period so long as the difference in the interest rate is at least 1/4%... But you should absolutely not be afraid to ask your loan officer these questions, and it's not uncommon for this scenario to happen.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 16th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

It will depend on the lender, most will at least re-negotiate the rate. We at PrimeLending offer a free one-time floatdown but that option has to be selected when you lock your rate. Never hurts to ask!

Jan 16th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Absolutely normal. If you are currently locked in you might have the option to pay to re-lock or if the rate has decreased more than .25% they may allow for a one time reduction. It all depends on your lenders internal guidelines. Best wishes, Sean

Jan 17th 2015
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