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If we lock on a rate today, and the rates get better in the coming weeks, can we use the better rate

by stvenrope79 from Star Tannery, Virginia. Jun 11th 2018 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Typically, no.. however certain lenders will allow you a "one time" re lock if the rate improves by more than 0.25% before loan doc's are drawn. But I wouldn't hold your breath.. We have this option, but it's rarely ever exercised because we almost never see a quarter point improvement in just a few weeks.. Understand that when rates improve, it's typically in small increments and over a long period of time.. but when rates deteriorate.. it's in big chunks and can happen over night.. The best advise I can give you.. lock in your rate today and don't look back.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 12th 2018
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Dianne Joaquin (Dianne)
#89 ranked lender in Texas - 10 contributions

We do have a "Lock & Shop" Program. Please feel free to call me to discuss. 210-317-4454 Dianne

Jun 12th 2018
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

LOCK means exactly that. Locked. No ones forces you to lock. You do so because you are happy with the rate, and don't want to chance it. probably a smart move. If you want to gamble, go to Vegas. Locking isn't some magical thing that lenders just make up. When you lock, you set a whole series of things in motion behind the curtain. The thing people forget is that locks work the other way too. If rates go up before closing, the lender can't increase your rate. In today's market, the odds of rates going lower is near zero, while the odds of rates continuing to go up is very high. So today, it is a moot point anyway.

Jun 14th 2018
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