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Credit repull but rate not locked

Brod25
New Contributor

Credit repull but rate not locked

So my credit repull was today n got good news my husbands credit moved to a new bracket 715, I am at 770 so of course his score counts for the rate we get. But when I asked the Lo he said we will lock later on to get a better rate Can he lock the rate any time up

until the 14 day deadline? How does it work ? Anyone in similar situations 

8 REPLIES 8
tooleman694
Valued Contributor

Re: Credit repull but rate not locked

From what I understand you can lock in later, typically the later you lock the better the rate. But you risk the market going up. Right now the rates are almost the lowest they have been in a year. Around 2.8. You should be ok.

Message 2 of 9
Brod25
New Contributor

Re: Credit repull but rate not locked

oh good, my fear is they will go up but i dont think they can go up too much within 2 weeks, thanks =) 

Message 3 of 9
tooleman694
Valued Contributor

Re: Credit repull but rate not locked

In the last 2 weeks, it has ranged from 2.8 to 3.1. Back in March it got up to 3.2. Last year the highest it went was 3.4.

Message 4 of 9
Brod25
New Contributor

Re: Credit repull but rate not locked

ok, so from what it looks like, it has remained around the same figures, and thats good!! we should be ok then. i been dealing w this since 10/2020 that we signed smh

Message 5 of 9
tooleman694
Valued Contributor

Re: Credit repull but rate not locked

Yup same here, ive been so worried about the rates. Turns out we are all good.

Message 6 of 9
Brod25
New Contributor

Re: Credit repull but rate not locked

Thats good to hear, congrats!! almost there. feels like a very long pregnancy journey lmao 

Message 7 of 9
VALoanMaster
Valued Contributor

Re: Credit repull but rate not locked


@Brod25 wrote:

So my credit repull was today n got good news my husbands credit moved to a new bracket 715, I am at 770 so of course his score counts for the rate we get. But when I asked the Lo he said we will lock later on to get a better rate Can he lock the rate any time up

until the 14 day deadline? How does it work ? Anyone in similar situations 


How far out are you from closing?

 

For loans closing in less than 15 days cautiously float, and watch the technicals. If those two levels discussed above come into play near the end of the day, we may want to consider locking some of these loans or even all of them, depending on what kind of pricing you got this morning.

 

For loans closing in 15-30 and 30+ days, float. Even if we see some pullback heading into next week, which is possible, I still think we see better rates/pricing over the next couple of weeks.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 8 of 9
Brod25
New Contributor

Re: Credit repull but rate not locked

option #2 we are closing around end of june, so hopefully like you have all said, the next few weeks can still look good for rates. 

Message 9 of 9
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