thelungguyParticipantStatus: PhysicianPosts: 25Joined: 09/14/2017
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?June 3, 2019 at 5:35 pm MST #219011PedsModeratorStatus: PhysicianPosts: 4405Joined: 01/08/2016
Assuming it actually matters, refinance again.ENT DocParticipantStatus: PhysicianPosts: 3500Joined: 01/14/2017I am currently refinancingClick to expand…
Have you signed the paperwork? Why not jump ship to someone offering a better rate?ACNModeratorStatus: PhysicianPosts: 628Joined: 01/08/2016
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.
If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.June 3, 2019 at 5:52 pm MST #219016TimParticipantStatus: AccountantPosts: 3030Joined: 09/18/2018
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.June 3, 2019 at 6:11 pm MST #219021thelungguyParticipantStatus: PhysicianPosts: 25Joined: 09/14/2017
@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.June 3, 2019 at 8:06 pm MST #219065CordMcNallyParticipantStatus: PhysicianPosts: 2806Joined: 01/03/2017
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.
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