Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What would you do?
We are scheduled to close on Oct7th. Appraisal is sched for today. Rates have gone down since we last locked rate but my loan officer wont give me the current rate. Is it too late to switch mortgage companies? Can I ask for another loan officer within the same bank? I am annoyed
Re: What would you do?
A rate lock is a promise between you and the lender that both of you agree to the locked rate. Rates change on a dailly basis which is why locking the rate is a gamble on both sides of the equation. Sometimes you win, sometimes you lose.
It is sometimes possible to get the bank to lower your rate, but ususally there are monetary penalties involoved with lowering the rate or backing out of the agreement to go with another lender.
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I bet it's not too late to find someone else.
We were doing a refi last year when rates dropped .35...so a goodly amount that really did matter. The bank we were going with refused to do anything. We just cancelled our app and walked away, no penalties.
And Justinlove's been on this board a very long time and I have respect for her advice, so it's not at all personal when I say I call bullsh!t on it being a promise btwn you and your lender. Business is business. And unless there's a signed contract saying you, bank, are gonna come after me if I leave you, I'm leaving you when you can't offer me the best business deal.
We've done 5 mortgages and 2 refis. The only time we've ever had someone refuse to give us the lower rate was last year's refi when we were going with a bank, that while it has great service in every other area, has a lousy mortgage dept.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
Perhaps a better word would have been "contract" instead of promise (although it is mincing words in a way since a contract is a promise).
The rate lock form is is often one of the first papers signed when you are in the mortgage process (assumming you are beyond the initial application phase which it sounds like you are if you have a closing date assigned already). Review the paperwork and it will tell you if there arepenalties are for changing rates or dropping the application.
ETA: Tarheels--no worries--this is a message board and I don't take offense to other people who share different experiences or opinions.
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