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

Home Mortgages and Home Buying Locked in for refinance: Can you take advantage of rate drops?

  • Avatar thelungguy 
    Participant
    Status: Physician
    Posts: 25
    Joined: 09/14/2017
    Earnest refinancing bonus

    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?

    #219011 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4405
    Joined: 01/08/2016

    Assuming it actually matters, refinance again.

    #219012 Reply
    Liked by Craigy
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3500
    Joined: 01/14/2017
    I am currently refinancing

    Click to expand…

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

    #219013 Reply
    Liked by Craigy
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 628
    Joined: 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.

    #219016 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3030
    Joined: 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.

    #219021 Reply
    Avatar thelungguy 
    Participant
    Status: Physician
    Posts: 25
    Joined: 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.

     

    #219065 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2806
    Joined: 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.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #219099 Reply
    Liked by Craigy, ENT Doc
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3500
    Joined: 01/14/2017

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

    #219121 Reply
    Liked by Lordosis, Craigy, Peds

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

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