Home Buying in New Canaan>Question Details

Test1234, Home Buyer in Chappaqua, NY

question about mortgage lock ( 30 day lock : 30 year high conforming.)

Asked by Test1234, Chappaqua, NY Sun Nov 29, 2009

We changed from provident funding 2 points @ 4.625 to amerisave @ 4.5 ( three weeks ago.) but amerisave made me do the appraisal and do additional bank documents ( repeat the same thing we sent to them week ago before the lock with the result that by the time we locked we ended up the same as the original rate lock from provident funding. Investor did the float down to 4.5 Can we fight to get 4.375 rate because of the delay considering that currently for 2 points now the rate has gone down to 4.375. We are closing this week.

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Banks will require their own appraisal. Always be wary and get any quotes in writing. Just because a bank offers a rate, doesn't mean they will give you that rate. The real question your asking is "can we close" if we request a new rate. Speak with your representative at the bank. Personally, both quoted rates are historically low and you should be patting yourself on the back for buying now!! Godd luck at closing!
0 votes Thank Flag Link Fri May 20, 2011
Hello Test1234,

You can always ask. I see, though, that they did give you one float down.

Keep in mind, most lenders will not allow you to transfer appraisals from other companies. It doesn't sound like from your post that there were delays, it sounds like they were just following their regular procedures.

Good luck,
Elva
0 votes Thank Flag Link Sun Nov 29, 2009
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