No, most lenders extend locks on a "worst case" scenario, meaning you get the worse of the market or previous rate, plus an extension fee. I wouldn't complain about a rate of 3.99% in the grand scheme of things.... more
Thats my understanding as well, 30 year fixed rates are around 4.50 right now, well today anyway. But one thing your forgetting is the closing costs when you refi out of the arm, and also will you be able to refi out of the arm or will the property not appraise high enough for any lender to touch it. Property values may decline steadily for the next ten years which could cause major problems for you down the road since during the first ten years of a mortgage most of the payment is going to interest and not the principle of the loan. You could potentially find yourself unable to refi out of an arm when interest rates are on the rise and be under water in your home. The best bat is to take the 30 mortgage at the historically low interest rates they are at today and be VERY happy with that. Gambling with the arm will never be worth it, mark my words.... more
It will vary by transaction. The following is typical.....but may not be applicable to your situation.
Assuming there are Realtors involved in your transaction.........
Your attorney will review your documents after buyer and seller sign. Your attorney, and the sellers' attorney will draft ammendments to the standard contract form used by the Realtors.
Your Realtor will assist you w/ the inspections. After the inspections, you will discuss any repairs or credits with both your Realtor and your attorney. Your attorney will draft correspondence to the sellers' attorney outlining your requests for credits or repairs.
Your attorney will order title work and a survey, if necessary. If a recent survey was made of the property, your Realtor may attempt to secure a copy to submit for possible acceptance by your lender in lieu of a new survey.
Your attorney will review the mortgage documents with you, accept the wire transfer from your mortgage company into his/her trust account and write all checks for the settlement of the title transfer.
Most real estate attorneys charge a flat rate for settlement services. Representation beyond settlement services can require additional fees.
If you need attorneys in your area, let us know. If you are working w/ a Realtor, he/she will probably have a recommendation for you.... more