Hi,

Quick question.

Say that I tell my mortgage broker that I want to lock my rate. A week
before I close, rates have dropped a significant amount. Am I still on
the hook for the rate that I "locked:?


Thanks,

Dave

writes:

Hi,

Quick question.

Say that I tell my mortgage broker that I want to lock my rate. A week
before I close, rates have dropped a significant amount. Am I still on
the hook for the rate that I "locked:?

Typically, yes.

The broker risks their relationship with the lender and underwriter if
you bail. And if you bail, a week ain't enough time to get another
loan lined up. So if you can't move closing, and your broker can't
divine anything to help you or isn't willing to, yer gonn close t teh
locked rate.




--
Todd H.
http://www.toddh.net/

Dave,

I'm in the same boat. Have rates dropped much in the last week? Where
are you checking. I remember Bankrate.com was at 6.32 last week when I
locked now they are at 6.24. Is there somewhere else that has a
difinitive rate. I'm thinking about going back to my bank and asking
for a new rate lock. I'm working directly with a bank will that make a
difference?


wrote:
Hi,

Quick question.

Say that I tell my mortgage broker that I want to lock my rate. A week
before I close, rates have dropped a significant amount. Am I still on
the hook for the rate that I "locked:?


Thanks,

Dave