My wife and I are purchasing a new home under construction now. We financed through USAA and were offered a no doc 100% (80/20) for $440k. I was so excited that we qualified for the no-doc 100%, that when they told me the rate was 6.75% fixed and wanted to know if I wanted to lock it, I immediately said yes. Now I am wishing I hadn't. My wifes mid score was the lower of ours, and it has increased from 665 to 702 (FICO) since we qualified. I can't help but think we could probably qualify for a lower rate with her new scores. There is also the chance the rates could drop again before we close on Nov 29th. While the term lock seems pretty self explanatory, does it work both ways? If the rates drop or we qualify for lower, am I still committed to the higher rate? Since I paid for the lock it would seem that I paid to ensure I dont get a higher rate, not prevent me from getting a lower.
From Chapter 13 discharge and low 500s in 2015 to EQ: 781 TU: 767 EX: 794 in 2017...Make your vision your reality.
