Mortgage rates have gone down but I already have a mortgage rate locked. Can I re-lock at the lower mortgage r?
- 9 years agoFavorite Answer
If a mortgage rate has been locked by a lender, it is rare for a
re-lock to be allowed unless a float down rate was offered and agreed
to. In any case, there will be fees involved which may cancel out any
savings that would occur at the lower mortgage rate. Remember that a
mortgage rate lock is a commitment.Source(s): http://www.freerateupdate.com/
- loanmasteroneLv 79 years ago
Your lender locked the rate based on your request to lock the current rate that you thought would benefit you at the time.
The lender might consider locking in the lower rate, however, I am sure the change in the rate lock would cost you. Exactly how much this would cost is unknown to me.
If you would want to lock your rate at the new lower rate you should ask your loan officer the cost to do this.
This is a benefit for you not the lender, it would probably cost the lender to re-lock the rate.Since this is a cost to re-lock the rate the lender will pass this cost along to you.
If the rate went up and the lender decided it would be benefited more by raising your lock to the new higher rate you would be screaming to the high heavens.
This is the benefit of a lock, so if the rate by chance go up you are protected.
I hope this has been of some benefit to you,good luck.
- 9 years ago
I am a loan officer. It is likely that you can -- I would recommend you visit a competing bank and ask them to give you a quote. The document that you need to get from the bank is called a "Good Faith Estimate" and a "Truth In Lending" (TILA) -- show your present bank these forms with a lower rate and have them match it. If this is a refinance -- you probably have an option to walk away from the transaction at any time -- EVEN IF YOU HAVE SIGNED PAPERS UP TO 3 DAYS AFTER SIGNING. This is a federal law - it is called the "Right of Recission."
- 3 years ago
it quite is been my journey that your feeling may well be appropriate. in cutting-edge situations pricing has been following the marketplace as you observed in the previous this week. you in addition to could observed costs start up decrease back up whilst there became right into a quick seven-hundred element bounce. it quite is been that way for cutting-edge years. over the previous few days there have been 3 and four fee blasts(variations) in keeping with day. there may well be wish for you next week, because it quite is my opinion there will be a ton of undesirable information introduced. i might recommend you're taking value of your broking provider Many think of the fed will act returned next week with yet another shrink, in the event that they do no longer the marketplace will sink and you may get on the edge of your 5% returned. If the Fed does make yet another shrink, the marketplace will rebound temporarily, costs will pass up and that i do no longer see that as a help to you. i wish it strikes your way yet i in my view think of that extra info appropriate to the credit crunch could desire to be revealed in the previous we get to 5% returned. i think of it quite is going to take place, yet no longer next week. i'm questioning early Feb. could show a extra effective risk. i might recommend that in case you would be in this domicile for awhile, if it would not hit 5%, you purchase the fee down. you notice the way it works is that this, in the previous this week 5% could have been there for you loose. it may nevertheless be there for you next week, yet at a value of a million element. costs of interest in no way exchange, in basic terms the pricing (or value) for the money variations. If it expenses somewhat to get that 5% and it saves you hundred's a month, it would possibly no longer take too long to make up what you pay for it.
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- Anonymous9 years ago
Probably not but try calling the bank and asking them