I already signed a contract and put down my deposit for new construction home. Ive decided to pay a quarter of a point to lock the interst rate. Also, I can lower the interest rate (one time) if the interst rate is lower later on during the process and can then relock it.
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Quarter of a point to lock Interest Rate (.25)
- Thread starter eyephone
- Start date
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We looked around for a reputable bank that offered 120-180 day lock rate. WF was the one that was reasonable and reliable. I contacted a broker on zillow mortgages that I will not mention. I did not have a good feeling to use them because their responses were not timely.
For my peace of mind, I am going to lock the rate. Because who knows the rate could go above 5%. I read different financial news, and they predict QE might end of this year. Which means, the Fed seeing the economy stronger and unemployment lower which equals a higher interest rate.
I was considering locking as well, but my lender said expenses were 100bp 180 days before and 50bp 120 days before closing. I should check out WF. Thanks. However, I think rates will come down little from here during the summer as market over-reacted and mis interpreted Bernanke's comment last month. But, I guess you have one option to move down. 25bp is a good deal.
JasonTheArtist
New member
Who is your lender?
JasonTheArtist said:Who is your lender?
We looked around for a reputable bank that offered 120-180 day lock rate. WF was the one that was reasonable and reliable. I contacted a broker on zillow mortgages that I will not mention. I did not have a good feeling to use them because their responses were not timely.
For my peace of mind, I am going to lock the rate. Because who knows the rate could go above 5%. I read different financial news, and they predict QE might end of this year. Which means, the Fed seeing the economy stronger and unemployment lower which equals a higher interest rate.
eyephone said:JasonTheArtist said:Who is your lender?
We looked around for a reputable bank that offered 120-180 day lock rate. WF was the one that was reasonable and reliable. I contacted a broker on zillow mortgages that I will not mention. I did not have a good feeling to use them because their responses were not timely.
For my peace of mind, I am going to lock the rate. Because who knows the rate could go above 5%. I read different financial news, and they predict QE might end of this year. Which means, the Fed seeing the economy stronger and unemployment lower which equals a higher interest rate.
I was considering locking as well, but my lender said expenses were 100bp 180 days before and 50bp 120 days before closing. I should check out WF. Thanks. However, I think rates will come down little from here during the summer as market over-reacted and mis interpreted Bernanke's comment last month. But, I guess you have one option to move down. 25bp is a good deal.