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Locked in for refinance: Can you take advantage of rate drops?

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  • Locked in for refinance: Can you take advantage of rate drops?

    I am currently refinancing from 10/1 to 30 year fixed, locked in a rate and just saw today that the 10 year T note dipped and mortgage rates may dip further.

    I have a doctor's loan with USB. They stated that they do not allow a rate revision in the case of a dip or revise credits. In prior experience, another bank allowed 1 - 2 rate/credit revisions midst refi.

    Its kind of hard to sit and watch rates drop as I am sitting mid refinance and hoping there is a way.

    Any suggestions on what to do?

  • #2
    Assuming it actually matters, refinance again.


    • #3

      I am currently refinancing
      Click to expand...

      Have you signed the paperwork?  Why not jump ship to someone offering a better rate?


      • #4
        I just did a 30day rate lock last week. Now it's 0.25% lower... So I emailed them about a "float down".. Not sure if that's an option for you.


        • #5
          A “lock” hasn’t completed the refi.
          You may have sunk costs if you back out.
          1) Ask for concessions.
          2) Ask about new application. (Some stuff might be reused).
          3) Check another source.


          • #6
            @ENT: went through underwriting but have yet to sign

            @Tim Its a doctor's loan, less than 20% equity. I checked with couple other banks and they told me they don't like to take on another bank's doctor loan, rather just initiate new ones. So that made it sound like I am stuck with the original bank.



            • #7
              If you haven’t signed then I don’t see why you’re locked in with that lender. Shop around. If you tell them you’re going elsewhere they might play ball.


              • #8
                Mine definitely played ball when I told them their competition was right on top of them. You haven’t signed. Go for the kill.