One more thing - you could lock today and if they drop significantly, switch

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Sep 17, 2024
9:27:12am

jtm0001 Truly Addicted User

One more thing - you could lock today and if they drop significantly, switch

to another loan provider for lower rates. Just because you locked with this provider doesn't mean you HAVE to go with them. If they can help you, it's best to treat them right, but you have to look out for your situation before you owe them any loyalty.

This message has been modified

Originally posted on Sep 17, 2024 at 9:27:12am

Message modified by jtm0001 on Sep 17, 2024 at 9:27:40am

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jtm0001

Bio page: jtm0001
Joined: Sep 18, 2008
Last login: Sep 17, 2024
Total posts: 2,883 (0 FO)

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Messages

Author

Time

Mortgage gurus - should we lock our rate today?

trueblue04

Sep 17, 9:14am

The fed cuts rates, so mortgage rates would go up?

tkh9

Sep 17, 9:16am

The thought is that the cut is already factored in, if the cut is smaller than

BYUFootballisBack

Sep 17, 9:17am

Thanks

tkh9

Sep 17, 9:25am

I thought the FED cut was already baked into the rate?

Ycrazy

Sep 17, 9:16am

Yeah there’s like 2% of projected fed cuts baked into the rate.

RdF3

Sep 17, 9:17am

What rate are they giving you today?

Sep 17, 9:22am

6.97% for jumbo loan

trueblue04

Sep 17, 9:26am

Ouch, looks like it's a construction loan, so maybe that explains how high it is

BikeGuy

Sep 17, 9:40am

Dang that is depressing.

Sep 17, 10:39am

Ask your MLO about the fee for "repricing" - there are ways you can lock today

jtm0001

Sep 17, 9:25am

One more thing - you could lock today and if they drop significantly, switch

jtm0001

Sep 17, 9:27am

Unfortunately it's the MLO tied to the builder we're using

trueblue04

Sep 17, 9:33am

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