topic Re: Rate on App vs Today Rates in Mortgage Loans

Rate on App vs Today Rates

MrChairman — Tue, 25 Jun 2013 11:42:57 GMT

Our rate on our loan app was quoted as 3.25, I filled this out and got full conditional approval in April. This 3.25 rate would also give us money back. I am wondering if my LO can still get me the same rate with the money that rate also gives us.

Re: Rate on App vs Today Rates

bobvette — Tue, 25 Jun 2013 12:46:22 GMT

Until you sign the lock sheet, that rate was just an estimate. I don't see how you could hold them to the application rate.

Re: Rate on App vs Today Rates

MrChairman — Tue, 25 Jun 2013 12:52:13 GMT

You may be right. I have been trying to get in contact with my LO for the past two days but no luck. SunTrust has the lowest 30 yr fixed at 3.6% today. I am trying to lock in today.

Re: Rate on App vs Today Rates

Hoya08 — Tue, 25 Jun 2013 19:35:18 GMT

@MrChairman wrote:
You may be right. I have been trying to get in contact with my LO for the past two days but no luck. SunTrust has the lowest 30 yr fixed at 3.6% today. I am trying to lock in today.

That's a great rate! Make sure you read the fine print for discount points and/or origination fees to obtain that rate.

Re: Rate on App vs Today Rates

swtneka — Wed, 26 Jun 2013 21:51:53 GMT

@Hoya08 wrote:
@MrChairman wrote:
You may be right. I have been trying to get in contact with my LO for the past two days but no luck. SunTrust has the lowest 30 yr fixed at 3.6% today. I am trying to lock in today.
That's a great rate! Make sure you read the fine print for discount points and/or origination fees to obtain that rate.

That is great rate!

Re: Rate on App vs Today Rates

MrChairman — Wed, 26 Jun 2013 23:13:27 GMT

Just an update. The Suntrust rate I was originally referring to was for last week. Most major banks are at 4.7% or higher. I locked in a 5/1 ARM with Suntrust at 3.8%. I did a little research and came upon Myers park mortgage/certus bank. They're a direct lender. They quoted me 4.125 today and I locked that rate in. For $1800 I can buy the rate down to 3.8%. I'm glad I found them because at an almost 5% rate I would have not been able to afford a 30 yr fixed rate.