Michael,

Luke & Randall make some good points below, but why reward any bad behavior by your loan officer (if there was any)? You say that you are "sitting at 6.0% on a rate". Did your current lender advise you to float your rate? What data does he track to make his recommendation?

As I answered yesterday, we at Fairway Mortgage have a rush system to help bail out buyers such as yourself who need to move their loan late in the process. In order to see if we can help you, I need more information. Please contact me as soon as possible to review your situation.

While rates are seeing some pressure upwards today, they are still very low. Until I know your details, I cannot categorically say that you should be at any particular rate, but as mentioned in previous answers to this question, rates are much lower today than they were even 2 weeks ago. We had FHA programs at 5% yesterday afternoon. Today, that same scenario is at 5.25% - still much better than your 6% "lock".

Give me a call to see what can be done to serve you best! Your time is short, but we can probably help. As they say on the Geico commercials, "15 minutes can save you a lot of money".

Thanks,
Tim Epps
Fairway Mortgage - Tulsa
528-4010
tim@myfairway.net

When were you priced 6.0%? Rates today are closer to 5.25%, possibly even 4.75% depending on your credit score. If you have sat at 6.0% while rates have dropped then your loan officer has simply increased his paycheck.

As much as I would welcome the opportunity to close your loan at 5.25%, since you are only 11 days away from your close, I would suggest calling your loan officer and tell him you want a lower rate.

If he tells you that the lowest you can go is 6.00%, tell him you want to buy down your rate to 5.25 and ask him what it will cost (not Points but an actual lender discount fee - they go on different places on the HUD). See what that makes him do.

If you have any questions, please feel free to call me. You don't deserve to be jerked around, simply because you are under timec onstraints to close.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Michael - are you going conventional or FHA? Conventional was a 5% today here and FHA was at 5.5%...on a $200,000, that is over $100 per month on the 1 pint savings.

I would lock down at 5% and be done with it if you can.

Best of luck,

Randall Sandin
843-209-9667
rsandin@carolinaone.com