Home Buying in 94158>Question Details

Dif1810,  in 94158

180 days lock worth it?

Asked by Dif1810, 94158 Tue Jun 12, 2012

I am planning to buy a new development but the apartment will be available in about 6 months. I am planning to get a loan with a rate locked for 180 days. It cost 1 point upfront that is refunded at the time of closing and i can get a lower rate if it is lower than the one i locked at within last 30 days. It means i am locked with a given lender as i would lose the 1% if i switch. The rate i got is 3.125% for 5 ARM. Is it good? What other lenders would recommend for such 180 days lock?

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The fact that you are talking about rates is an indication that you may have bypassed your best initial move by teaming with a local Realtor® to help guide through the process!

Here's a very informative link extending the list of reasons why you should involve a Realtor® when buying from a Builder: http://docs.Steven-Anthony.com/BuilderRealtorAgent.pdf

Unfortunately, the Builder may be reluctant to now pay commission to your Realtor® because he/she did not "register" you.

As far as interest rate go, I agree with Ellie on both the strategy and Opes Advisors as a Mortgage Broker/Banker.

Also, you might find the following link quite informative regarding the source of you financing:

"Retail Banks vs. Mortgage Broker/Bankers"

0 votes Thank Flag Link Wed Jun 13, 2012
Hi dear,
I think you should just shop around ... have you tried Opes?

0 votes Thank Flag Link Tue Jun 12, 2012
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