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Ok so when I applied for a pre approval the rate was 4.62 for 100% Financing and that's what I got it. Three days after the rates dropped to 4.5 and its being stable for the last 2 weeks.
So my question is, when I lock my rate, will I be stuck with 4.62 or I will be able to lock at 4.5
I believe you can ask for whats called a rapid rescore before close but you may be locked into that rate.
Make sure that your APR is the same as your interest rate. Bad loans will bundle in fees and closing costs which is reflected in a higher APR. Good loans, they are exactly the same amount.
@vinblastine wrote:Make sure that your APR is the same as your interest rate. Bad loans will bundle in fees and closing costs which is reflected in a higher APR. Good loans, they are exactly the same amount.
IF you have the cash to pay for all the fees, then the APR will match the interest rate. Mortgage insurance, if there is mortgage insurance, will make the APR jump.
when you lock, you lock at market rates that day. not at the rate you were pre-approved on
Always ask for lender credits. My last 2 refinances only cost me about $800 at closing for a $240K loan. 30 yr fixed at 3%. I timed the market just right.
@vinblastine wrote:Always ask for lender credits. My last 2 refinances only cost me about $800 at closing for a $240K loan. 30 yr fixed at 3%. I timed the market just right.
you pay for lender credits in a higher rate over the life of the loan.
good short term strategy. bad long term strategy