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if i locked in my rate is it too late to change it?

changing your mortgage rate when rates are lower then when you lock by haileyaltwin89463513 from Sandy, Utah. Jan 7th 2015 Reply


Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

Go thru your lender.. Sometimes they have options. Rates are starting to go up, so you need to consider this , and sometimes there are small charges to change the rate. linda

Jan 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

For most lenders, once you lock in your rate, it's locked and cannot be changed unless you cancel your loan and resubmit to a different lender.. There are some lenders that offer a "Float Down" rate program (added cost), which allows you to take a one time rate reduction from the time you lock till the loan doc's are drawn.. the rate must be at least 1/4% lower than your locked rate. Typically, lenders offering the float down rate are priced higher than those who don't, so in essence, your paying for it even if you don't use it.. Rates did improve, but the improvement wasn't that significant, so you shouldn't feel like you missed out on a huge rate reduction because the timing of your lock wasn't favorable to you.. 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 7th 2015
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

Hailey, it depends on the mortgage company you are working with. Most companies allow you to re-negotiate the rate at least one time once it has been locked. Ask your loan officer if that is possible. Rates are super low right now. The lowest I've seen in since we had a brief window of super low rates in May, 2013 and you should be able to take advantage. If your lender will not let you re-negotiate you might want to consider changing companies. Don't hesitate to call me if you have any other questions. I am all about information without obligation. Linda Miller 801.550.1222. linda@lindamillergroup.com

Jan 7th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Speak with your lender, some have options you can take advantage of, but it is lender specific.

Jan 7th 2015
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

In order to change an existing lock, you would have to pay a penalty (a few hundred dollars, depending on the lender). Changing lenders is another option, if you loan officer works for a broker and can do that - this is not very ethical on his part and it is something generally avoided. Changing loan officers and going to another company is another option, but like changing lenders, you will have to restart the loan process from scratch. Personally, I usually lock my loans when they come out of underwriting so that I can use a 14 day lock with better pricing and generally have more time to watch the market. Only lazy companies lock their borrowers as soon as they get the application in. Good luck. I have an FHA Streamline that was at 3.75% and I am now ready to lock at 3.5% (almost the same pricing, so yes, rates did improve quite a bit!)

Jan 7th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You can take a chance, and let your lock expire.

Jan 7th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

The easiest way to understand it is that it is a contract that consumers always want to look at one sided. If rates go down, they want the lower rate. I can understand that... But locking a loan goes both ways. If rates go up, you are protected from the increase. The biggest aspect is that when a lender locks a loan, it isn't just something willy-nilly that they do. Once locked, it sets a whole serious of events behind the curtain that isn't easy to undo. I have a great article about the subject at http://joemetzler.com/ratelocks.htm

Jan 7th 2015
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Nicholas Capretta (ncapretta@usavingsbank.com)
#91 ranked lender in Ohio - 8 contributions

Depends on how your loan was setup with your loan officer and the only other options would be to possibly look at competitive quotes and pricing to make sure that you are getting the best deal possible.

Jan 9th 2015
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