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New Contributor
Posts: 52
Registered: ‎07-22-2016
0

Helpe me understand my rate

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

New Contributor
Posts: 111
Registered: ‎01-26-2015
0

Re: Helpe me understand my rate

I believe you can ask for whats called a rapid rescore before close but you may be locked into that rate.

Contributor
Posts: 90
Registered: ‎02-24-2017
0

Re: Helpe me understand my rate

Rate you qualify for will change with the market and of course if your score changes. Rates have been trending down recently so you should be seeing a lower rate than your original offer
New Member
Posts: 7
Registered: ‎03-14-2012
0

Re: Helpe me understand my 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.

Regular Contributor
Posts: 230
Registered: ‎12-20-2016

Re: Helpe me understand my rate


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.

Mortgage Loan Officer in the Greater Chicago area and in 46 different states.
Super Contributor
Posts: 7,899
Registered: ‎07-03-2007

Re: Helpe me understand my rate

when you lock, you lock at market rates that day. not at the rate you were pre-approved on

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

New Member
Posts: 7
Registered: ‎03-14-2012
0

Re: Help me understand my rate

[ Edited ]

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.

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Super Contributor
Posts: 7,899
Registered: ‎07-03-2007
0

Re: Help me understand my rate


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

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

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