Home Buying in Santa Ana>Question Details

Martin, Home Buyer in Santa Ana, CA

CAN RATES BE CHANGED AFTER IT HAS BEEN LOCKED IN.?

Asked by Martin, Santa Ana, CA Tue Mar 31, 2009

WHEN I FIRST GOT THE LOAN OVER 1 MONTH RATE I GOT 5.25% CAN THIS BE CHANGED TO REFLECT CURRENT LOWER RATE. WE CLOSE TODAY OR TOMMORROW.

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Answers

3
Hi Martin,

If you are in a postion to close your escrow today or tomorrow, you must have signed your loan documents already? If so, the loan you have signed docements for has the final rate set.

It looks like you have a really good rate compared to the current market, depending on the points you were charged, if any, and other lender fees. You would need to compare these costs to rates you could get today at the same fees. There may be no significant difference.

I do think you have a winning rate regardless, and should feel good to go on your closing.

All the best,

Ron
0 votes Thank Flag Link Wed Apr 1, 2009
Martin, it depends upon what your lock terms were. Some lenders will have a lock that will allow for one last rate improvement. You need to consult your loan officer to find out what your terms are. Good luck and enjoy your new home!
0 votes Thank Flag Link Tue Mar 31, 2009
You will have to find out how much they charge for adjusting the rate, some lenders do a float down which won't cost anything but I would be prepared to pay. When does the lock expire?
0 votes Thank Flag Link Tue Mar 31, 2009
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