Comments on: How does locking a mortgage rates work? http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work Sun, 05 Feb 2012 23:48:01 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Nash P http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work/comment-page-1#comment-3317 Nash P Fri, 30 Jul 2010 04:04:59 +0000 http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work#comment-3317 Man, people sure like to spew bad information on here. Most large lenders have a rate renegotiation policy. Its not always published and its something you usually have to ask about. Lord knows I dont mention it when locking in a loan because its more trouble explaining than its worth. Short answer: if there is big enough of a rate drop, lenders will re-hedge your rate with the fed reserve and tack on a hefty fee for the process. (ours is .5pt) so basically you need rates to drop 1pt to save .5pt. If you notice the average fixed rate take a huge drop on bankrate.com give a call and see what the lender will do. The policy is in place to protect people from going and re-locking elsewhere. so yes you can, no not for no penalty<br><b>References : </b><br>have to answer this question daily, and I actually write loans for a living. Man, people sure like to spew bad information on here. Most large lenders have a rate renegotiation policy. Its not always published and its something you usually have to ask about. Lord knows I dont mention it when locking in a loan because its more trouble explaining than its worth. Short answer: if there is big enough of a rate drop, lenders will re-hedge your rate with the fed reserve and tack on a hefty fee for the process. (ours is .5pt) so basically you need rates to drop 1pt to save .5pt. If you notice the average fixed rate take a huge drop on bankrate.com give a call and see what the lender will do. The policy is in place to protect people from going and re-locking elsewhere.

so yes you can, no not for no penalty
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have to answer this question daily, and I actually write loans for a living.

]]> By: chatsplas http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work/comment-page-1#comment-3316 chatsplas Fri, 30 Jul 2010 03:56:59 +0000 http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work#comment-3316 NOPE That's the WHOLE point of LOCKING. Didn't you read the Lock Document you signed? READ it now. You get that rate---unless you start whole loan application over again.<br><b>References : </b><br>real estate investor NOPE
That’s the WHOLE point of LOCKING. Didn’t you read the Lock Document you signed? READ it now. You get that rate—unless you start whole loan application over again.
References :
real estate investor

]]> By: sassy25 http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work/comment-page-1#comment-3315 sassy25 Fri, 30 Jul 2010 03:49:59 +0000 http://www.wvrush.com/mortgage-rates/how-does-locking-a-mortgage-rates-work#comment-3315 No locked is locked. How would you feel if you locked in 6% and the rate climbed the next week and the Lender said lets do it again at 7%<br><b>References : </b><br> No locked is locked. How would you feel if you locked in 6% and the rate climbed the next week and the Lender said lets do it again at 7%
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