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When you say 'go lower once you close' it doesn't work that way unless I am missing something. If you are locked in, then the rate you are quoted is good for X days (typically 30) from the time you locked. If you aren't locked, then the rate can float until closing. Once you close, the rate on the note you sign is the rate you get.
The 5 year portfolio loan isn't bad at all. If you can get the longer term fixed rate naturally that would be better, but you might be able to pay off the loan entirely in 5 years if you work it right.
Ok so I signed right now for the floating rate I am not locked in because my LO told me the rate will be dropping. My property is a condo valued @ 94,000 my loan is 37,000 so I'm hoping I can pay it off in 5 yrs.
@Blessed221 wrote:@Anonymous so I signed right now for the floating rate I am not locked in because my LO told me the rate will be dropping. My property is a condo valued @ 94,000 my loan is 37,000 so I'm hoping I can pay it off in 5 yrs.
I had remembered you borrowing an exceptionally low amount. I think that is terrific that you can get the portfolio loan and potentially have it paid off in 5 years. What a wonderful opportunity for you!
Thank you! My goal is to pay it off as quickly as possible. I will update you on the results.