Home Buying in Aurora>Question Details

NoFear20m, Home Owner in Aurora, CO

Waiting period in a rate lock extension with a renegotiation scenario.

Asked by NoFear20m, Aurora, CO Thu Dec 13, 2012

I'm in CO in the middle of trying to refi and ran into this 60-day waiting period issue, as the rates went lower. The loan officer extended the lock for another 60-days to try and renegotiate with the bank, which he did, and they met half way between the lock at 3.875 and the current rate at the time of 3.375 for a new rate of 3.625. But the rates are still lower than that now. My question is does the waiting period still apply if you are in a rate extension and/or does the renegotiation have any impact on the waiting period?

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Answers

1
the banks will only renegotiate one time on each loan, you are better off starting over with another lender so you can take advantage of the lowest rates out there now. The rate today is between 3.375% and 3.5% depending the circumstances of your loan.

Give me a call, I would be happy to send you a quote so you can compare.

Tricia Houston
Lending Maven Mortgage
303-845-2409
0 votes Thank Flag Link Thu Dec 13, 2012
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