Lisa, Home Buyer in Fresh Meadows, NY

My lock-in rate for a new home purchased has expired

Asked by Lisa, Fresh Meadows, NY Sun Apr 29, 2012

What are my options? The lender did not charge a lock-in rate. Can I lock in at a lower rate? If so, will I have to complete a new mortgage application?

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Answers

4
Javier Meneses’ answer
I do t want to say that just because you were not asked to pay a fee, doesn't necessarily mean your rate isn't locked in. I do not charge fees to lock rates, as many lenders don't as well.
1 vote Thank Flag Link Sun Apr 29, 2012
As far as Lock-In, I'm inclined to say SO WHAT?
The Interest Rates have actually gone down since the first of the year.
If the Lender did not charge you, then they probably did not lock it in.

Just check with your lender/Officer and ask what your current rate is.
It should be that simple.

Good luck and may God bless
0 votes Thank Flag Link Sun Apr 29, 2012
The question can best be answered by your loan officer, therefore consider a consultation.
0 votes Thank Flag Link Sun Apr 29, 2012
You should speak to your loan officer. Not sure what program your in and what rate you're locked in at, but rates have not moved so much in these past months. It's very possible that you can keep your existing rate or even get it lowered a bit, without having to submit a new mortgage application and start over. For the most part there is some flexibility depending in your lender.

Good luck!

Javier Meneses
Sterling National Bank
jmeneses@snb.com
0 votes Thank Flag Link Sun Apr 29, 2012
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