Paying $2500 to lock at 4.25 (1 disc pt)!!!! - Need input

[MrChairman]

I've locked rates at a 5/1 ARM at 3.8 and a 30 yr fixed for 4.125% both this week. My condo isn't even finished yet. Locked the ARM for 60 days and the fixed for 50 days. I think you guys' LO screwed you over with the interest rate locks. As long as you're 60 days out from closing, you can lock a rate, dosen't have anything to do with the appraisal.

[fabadvice]

I did not need an appraisal to lock just a contract. My lock is only good for 30 days though.

[amtrucker22]

I applied for a VA loan 2 nights ago with NFCU and was able to lock the rate in at the end of the application.  This was for a new house but I don't think that it mattered as long as my closing was scheduled in the lock window which was 60 days.  BTW it was at the time 3.875 with 1% discount point.

[JAM2013]

We locked in our rate prior to the appraisal being ordered!

[austinguy907]

as soon as you have pre-approval you should be able to lock.  there shouldn't be a buy down / points requirement to do so either.  my experience i went under contract and ran some numbers through a broker my agent recommended and didn't like the options i was presented.  i shopped it around to a few CU's i had an existing relationship and got better terms out of them and was still able to close from contract to sign off in under a month.  if you have some time before proposed closing it might pay to shop around and see if you can save yourself some money in the long run and get a loan under 4%.  they're still out there and relatively easy to obtain.

check this site out for a quick comparison.

http://www.monitorbankrates.com/mortgages