An 1/8 of point on a 350,000 is somewhere around 20 to 25 dollars. You are going to risk a transaction, pay double fees, go through incredible stress for twenty bucks? Hey, apply online to a company you have never heard of and probably won't hear from for weeks at a time after you apply....lose the contract and/or miss the refinance opportunity altogether. Sounds like a great plan.
All scarcasm aside, I do get that you (and every consumer) wants the very best possible deal. But mortgage financing is like everything else: cheapest is not always best. Best of luck to you.
Investor Support Forensic Underwriter
JPMorgan Chase Bank
A rate lock is a commitment. While lenders will sometimes offer a renegotiation of the rate or fees, depending on the difference, they have essentially set aside that money for you. If the bank is committed, but you are not, it's an imbalanced relationship.
Locking long term in this environment is always a risk. If you are not within 30 days of closing, I'm not sure renegotiating the rate is in your favor anyway. Rate locks are typically for a set period, 30, 45, 60 or 90 days. The shorter the term, typically the cheaper the fee. Are you buying new construction?
As far as "will they find out" they can and will update your credit report to see if you've had any significant changes. This is not the time to buy a car or max out a credit card. Any credit purchases should be run past your loan officer to ensure you don't jeopardize your loan. An inquiry from another lender would be visible. Whether they would cancel your loan or not, I can't say. It's up to you to decide if it's worth the chance.
Albert "Al" Rapoport
NMLS ID# 60865
AVP - Business Development/Branch Manager
InterContinental Capital Group
A BBB Accredited Institution
70 Hudson Street, Ste. 4A
Hoboken, New Jersey 07030