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.
Fee to lock in mortgage rate?
MH has been dealing with the mortgage rep from our bank as we're preparing to close on our first house. In early August, MH was quoted about $200 to lock in the rate, but chose not to do so at that point.
We're expecting to close next week. Now the rep wants over $600 to lock in the rate.
Why did it increase so much??? Should we even be paying a fee at all?
Re: Fee to lock in mortgage rate?
We just closed on a re-fi today and paid nothing to lock the rate. That was with a broker though, not directly through the bank, so I'm not sure if that makes a difference.
I actually did ask about the risk in locking, and if rates went down, couldn't we just let that lock go and get a new lock. He said that a lock with a particluar broker is good for 30 days and he cannot get another for us during that time. However, we could have gone to any other broker to lock a new rate. He noted that part of monitoring a broker's success is based on his success of rate locks to closing.
I just don't get why we need to pay them at all for that, if we're already getting our mortgage through them.
Unless MH just misunderstood the phone message and they need a $600 mortgage payment up front?
That is odd.. i have never had to pay to lock a rate in.
Wait, do you mean your lock was only good for x number of days and you are at x+days? Yeah, then you have to pay a fee to extend the lock. You would pay it at escrow though... not before.
This is what I was wondering. If your lock is going to expire before you close, then yes, there is possibly a fee required to extend the rate lock. Some lenders do require a prepayment of an extension. A quick phone call can clear up this confusion. Don't be afraid to ask for clairfication!
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