topic Re: Helpe me understand my rate in Mortgage Loans

Helpe me understand my rate

Anonymous — Sat, 15 Apr 2017 13:31:12 GMT

Ok so when I applied for a pre approval the rate was 4.62 for 100% Financing and that's what I got it. Three days after the rates dropped to 4.5 and its being stable for the last 2 weeks.

So my question is, when I lock my rate, will I be stuck with 4.62 or I will be able to lock at 4.5

Re: Helpe me understand my rate

Anonymous — Sat, 15 Apr 2017 16:35:18 GMT

I believe you can ask for whats called a rapid rescore before close but you may be locked into that rate.

Re: Helpe me understand my rate

Anonymous — Sat, 15 Apr 2017 19:25:20 GMT

Rate you qualify for will change with the market and of course if your score changes. Rates have been trending down recently so you should be seeing a lower rate than your original offer

Re: Helpe me understand my rate

vinblastine — Thu, 20 Apr 2017 18:41:42 GMT

Make sure that your APR is the same as your interest rate. Bad loans will bundle in fees and closing costs which is reflected in a higher APR. Good loans, they are exactly the same amount.

Re: Helpe me understand my rate

kc0039 — Thu, 20 Apr 2017 19:01:03 GMT

@vinblastine wrote:
Make sure that your APR is the same as your interest rate. Bad loans will bundle in fees and closing costs which is reflected in a higher APR. Good loans, they are exactly the same amount.

IF you have the cash to pay for all the fees, then the APR will match the interest rate. Mortgage insurance, if there is mortgage insurance, will make the APR jump.

Re: Helpe me understand my rate

DallasLoanGuy — Thu, 20 Apr 2017 19:06:02 GMT

when you lock, you lock at market rates that day. not at the rate you were pre-approved on

Re: Help me understand my rate

vinblastine — Thu, 20 Apr 2017 19:39:07 GMT

Always ask for lender credits. My last 2 refinances only cost me about $800 at closing for a $240K loan. 30 yr fixed at 3%. I timed the market just right.

Re: Help me understand my rate

DallasLoanGuy — Thu, 20 Apr 2017 21:15:13 GMT

@vinblastine wrote:
Always ask for lender credits. My last 2 refinances only cost me about $800 at closing for a $240K loan. 30 yr fixed at 3%. I timed the market just right.

you pay for lender credits in a higher rate over the life of the loan.

good short term strategy. bad long term strategy