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can i adjust my rate after i have already locked?

if rates go down can i make adjustments or is there usually a fee? by corrina_welsh7989... from Wimbledon, North Dakota. Oct 27th 2014 Reply


Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 195 contributions

There may be a fee but I recommend that you speak to your loan officer and ask what there policy is.

Oct 27th 2014
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

It is possible. If you have locked in rate and price with a mortgage broker or bankeryou need to let them know now if it seems rates have dropped or at least prior to you having a loan cleared to close by the Underwriter! Each lender has a different way of going about renegotiating a rate if there is a significant enough change in rates/pricing.It may be there has not been any significant change in rate and pricing so a negotiation is not necessary as yet. Remember advertising is advertising designed to get people to pick up the phone and call or to submit information online to the advertiser. A few mortgage news websites do print the best rate average the most qualified borrowers with the best qualifying loans are actually getting for the week or even day. There really has not been much movement in rate in the past few weeks though it sometimes seems like it with news dramatization!

Oct 27th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

There are some lenders that allow a "One Time" option to re-lock at a lower rate, so long as the new rate is at least 1/4% better than the rate you locked at.. And for most lenders that offer this, there is no additional fee.. realistically, you rarely see rates improve more than this in a 30 to 45 day period, which is why most lenders don't offer this option.. However it's very likely that rates could deteriorate more than 1/4% in a 30 to 45 day period.. when rates improve, they do it very slowly.. but when rates go bad, it can go bad fast.. Your better off locking and don't worry about missing out on a potential 1/4% improvement.. 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

Oct 27th 2014
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