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I locked in a rate but it if fell through. I found a new home two weeks later, can I use my same rate with the same lender?

by whiteangelia5813 from Raleigh, North Carolina. Sep 17th 2020 Reply

Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

Not necessarily, because interest rates change on a regular basis sometimes a few times throughout each day.

Sep 20th 2020
John Burke (jburke)
#29 ranked lender in Texas - 238 contributions

Unfortunately the answer is no.Rates can/do change daily & your rate lock is tied the property address.The good news is today's rates are still pretty close to what they were 2 weeks ago.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Great Plains Bank | | (877)228-9069 | NMLS# 787231 |

Sep 21st 2020
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,336 contributions

Probably not. Most lenders and on most loan products, a rate lock is tied to a specific transaction and property. If the property changes, the rate lock is usually lost. However there are a couple lenders that will, on a case-by-case basis consider moving a lock to a different property. In today's crazy market, losing the lock may often be a blessing as rates are continuing to trend lower, allowing you to lock the new loan with better terms. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Sep 22nd 2020
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