Home Buying in Fresno>Question Details

John, Home Buyer in Fresno, CA

If a GFE states an expiration date of a lock interest rate only good through such date, should I require to get a new one after that?

Asked by John, Fresno, CA Sun Jul 11, 2010

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Hi John,

Lenders protect themselves from intra-day market fluctuations by keeping that "valid through" time/date as short as possible. Know that when you do lock a rate, most lenders will now issue what's known as a "Change of Circumstance" document to you and it will indicate the change as the rate lock. You will also then get a new GFE showing the locked rate and the expiration date of the lock.

So how to best shop? Well, that's a good question. My best advice is that you've probably got to narrow your choices down to a few lenders, get on good communication terms with each and then trust that they're giving you valid rates that you can act upon when they show you a GFE. If you don't get that vibe from them, find someone else. Once I have a client's loan pre-approved, I encourage him/her to call or e-mail any time for a current and accurate quote, and that can then be compared to any other as well as locked if desired. If the client needs a new GFE it's easy to provide.

I hope this helps, but let me know if not.

Thank you,

Rob Spinosa
RPM Mortgage
0 votes Thank Flag Link Tue Jul 13, 2010
Yes, the GFE is only good through the date and time stated on Page 1, line number 1. For a complete walk through of the GFE you can read "Understanding the Good Faith Estimate at the link below.

Gregorio Denny
Tripoint Mortgage Group, Inc.
Web Reference: http://bit.ly/a7vJp0
0 votes Thank Flag Link Sun Jul 11, 2010
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