Financing in Essex>Question Details

Andrea, Other/Just Looking in Livermore, CA

I am currently trying to streamline my FHA loan to a lower interest rate. I was locked in at 5%. I was to

Asked by Andrea, Livermore, CA Thu Jun 25, 2009

close the loan at the end of may, but was informed the bank had a back log and would close in June. It is now June 24th and was told still no answer and I may lose my rate due to the bank not being able to get to my paper work. If I want to keep the rate and keep waiting I would have to pay 3% on top of everything else. Does this sound right?

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AnnMarie Belair’s answer
Please revert to my RE blog which has all the information and links you will need to navigate successfully!
Good luck!
0 votes Thank Flag Link Thu Jun 25, 2009
Hi Andrea,

If the rate was actually locked, you should be able to get an extension for .25 or .5. If the rate was not locked, it doesnt suprised me that you would have to pay 3 pts to get the rate.

Danny Castagna
Sr Loan Officer
E-Mortgage Management
800-793-9633 ext 185
0 votes Thank Flag Link Thu Jun 25, 2009
No it doesn't.

You can probably get 5% with 1 point in todays market. To pay 3% for something you can get for 1% is nuts!

Why has the lender not been able to perform?
0 votes Thank Flag Link Thu Jun 25, 2009
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