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So I have a mortgage locked in at 5.25%. At the time the rate was a little bit higher than I might have found elsewhere, but the 'ease' factor made up for it. I am converting a construction loan, so it was just a matter of updating a few things to get the conventional loan. I paid a $1500 rate lock fee.
Now the CU rate is 5.0% I would gladly forfeit my rate lock fee to get the 5.0%, but I am being told that once a lock is in place, they won't give me a lower rate, even if my lock expires! So they are going to charge me 5.25% no matter what!
I would most likely get 4.75% or 4.875% if I go outside the CU. I know it's just a business transaction, but I feel almost guilty about looking elsewhere. If I go outside the CU, I'll have to start the process from scratch... but .75% adds up to a lot of money over the length of the loan...
What should I do???
WOW! My math sucks! I don't know where I came up with .75 lol!
I spoke to another broker that I worked with before and he told me to relax and take a deep breath. So that's my plan. He said he might be able to get me in at 5.0, but he told me if I had everything done already and the appraisal was good I should just sit tight. So I'll ask the CU if they can do anything... be prepared for no, and just get the loan funded.
The CU called... I can waive my rate lock at any time. I lose the $1500, but I don't risk my loan or anything. Just waive the lock and get the prevailing rate.
No drama, no angst! That was a totally wasted day of worrying!