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I have some questions on the proper order of things when you're financing a home because the further along we go, the more confused I am getting.
We have been pre-qualified with WF for a FHA 203k and made an offer on a house, which was accepted. All of the documents they requested, along with a gazillion documents to sign, have been submitted to UW. The file was suspended last week asking for a LOE on addresses, which was provided and now it's back in UW. Things look OK on this end.
About a week ago, I received a GFE in the mail from FedEx. There were also a bunch of documents which we already signed included, as well as a book of disclosures. I emailed my LO and he said to ignore it, it was sent out for compliance reasons. OK, fine.
Moving on, now I am noticing that interest rates are beginning to push upward. This morning, I went back to look at my GFE and the way it is written, it appears that my rate is not locked. So, I assume it will be higher than the initial 4.5% disclosed on the GFE. IS this a correct assumption on my behalf?
here's my question - when do I lock the rate? I guess I thought my rate was locked when I received the GFE, but the rate lock expiration, etc say 'NA' on the form.
Yes rates have been trending upwards, so if your rate hasn't been locked in, it is likely higher than what you were disclosed at.
Each bank has a different rate lock policy, most will allow you to lock as soon as you are under contract on a home and have submitted all of your documentation, some require the appraisal to have been done, some require your loan to be approved by underwriting. You should ask your loan officer what their policy is.
I should send my lender flowers then... he locked as soon as he got a txt on his cell from my agent that I was under agreement.
Like you I watched the rates shoot up and my closing is Jan, so now I'm terrified about a rate lock expiration. Sent an email asking if the closing is too far out and whether I can move it up or pay for an extension.