Buying A Home
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S/O Interest rates

So we locked in today at 4% 30 yr. We do  not close until the beginning of next month.

This may be a dumb question but is there anyway to "amend" that if rates go lower? Or is that not possible.

Wedding Countdown Ticker

Re: S/O Interest rates

  • If you have locked, no.  I was this >< close to pulling the plug with 3 weeks to close and going with another lender to get a lower rate since they fell through the floor overnight, but decided it wasn't worth it because our sellers are slightly crazy and it might go badly (even if we still closed on time).
  • That's what I thought. Not worth that hassle for .25%. 4 is still awesome and lower than our original quote of 4.25.
    Wedding Countdown Ticker
  • Yes, it is possible - it's just a matter of if the bank will do it.  You are more likely to have it work in your favor if you're working with a broker who has a relationship with a representative.  

    My DH's side job is as a broker and he has successfully re-negotiated a lower rate well after locking and within a week of closing for at least 1 of our friends and his brother. 

    Warning No formatter is installed for the format bbhtml
  • Definitely possible if your bank allows it.  Ours required 5 business days to have elapsed from the original lock date, PLUS at least a 1 point drop in rate to qualify.
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