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should I lock a refinance today or wait to see what happens next week

by christinewiley15309 from , California. Feb 12th 2015 Reply


Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

In my experience those who seek to time the market all too often pay the price. If you've got a fair rate with sufficient benefit I'd advise locking. Many of us offer the opportunity to renegotiate the locked rate if the market drops. Each lender you work with has a different policy. But for the most part once you lock you'd best focus on closing and assisting the loan officer in getting your file approved.Timing the market is always risky. Just my 2 cents.Hope its helpful.RJS

Feb 12th 2015
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Thank you Ron, I will call lender and lock. I appreciate your response.

Feb 12th 2015
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Do I ask lender about renegotiating if the rates drop? How much of a drop would it take for a lender to renegotiate and drop after a lock?

Feb 12th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

When rates go down, they go down very slowly and over long periods of time.. but when rates deteriorate, it goes really fast.. Rates are good now and it's unlikely that there would be any significant gain by waiting next week or even a month.. lock now and don't look back.. 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

Feb 12th 2015
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Thank you both for your advice. Is there anyone out there that would tell me to wait till next week??? I am waiting for the lender to call me back. Hurry with your response if possible. Thank you, again, everyone.

Feb 12th 2015
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

William is correct, most lenders won't negotiate on a mere blip in the rate. However when the rate moves significantly they risk losing your business to someone like WIlliam or myself and will usually renegotiate.However its unlikely any lender would, or IMHO should, do this without your commitment to close with them. I only offer this to clients who have an approval and a pending closure, for example.Ron

Feb 12th 2015
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Thank you for your additional help, Ron. I appreciate your information and your honesty. Sincerely, Christine

Feb 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

I have learned a long time ago it's not a good idea to play the market when it comes to rate. If you are in your 30 to 45 day window of closing I would suggest to lock. However, you should really discuss this with your current loan officer since they know your specific situation and their are too many variables that may change my recommendation. Best wishes, Sean

Feb 12th 2015
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