What does "pricing my loan out" mean?????

[tanisha04]

I am under contract to buy a bank owned house. I  haven't locked in my rate but it will be a 75/25 LTV (hope I said that right). 75% for the loan, 22% is a down payment through a state neighborhood stabilization program, and 3% down payment from me.

The house purchase price is $126,900. I received an email from my mortgage broker just now that when she was trying to get rates for me today (I am thinking about locking in), she got an email from the "lock desk" sayig she " needed to price my loan out with the sales manager". What does this mean? I am waiting to her back from her but I just wanted to know if anyone had an idea of what that means and what problem I may have. She said she is waiting to her back and that maybe there is a problem with my file but now I am worried .   The seller (bank) is wanting to close by 10/16/09 so i have a little time but just a little over a month.

Thanks for any help!

[DallasLoanGuy]

sounds like the loan officer doesnt know how to price out a loan......

pricing a loan = establishing rate & fee afterrisk adjustments.

 let us know what you get.

and i recommend floating for now.

[tanisha04]

My broker just emailed me and said 5.25% for 40 day lock, 5.375% for 55 days. Is that a decent rate right now for FHA?

Message Edited by tanisha04 on 09-10-2009 04:06 PM

[ShanetheMortgageMan]

Would need to know the fees associated with the rate.