I locked in a interest rate and haven't closed yet. Can I have my interest rate lowered before

I know that interest rates have dropped this week and will drop again next week. I will close on Tuesday. Can I get my mortgage broker to get a lower rate for me? How will I go about doing that before all of the final paperwork is done?

I locked in a interest rate and haven%26#039;t closed yet. Can I have my interest rate lowered before I close?

yup

I locked in a interest rate and haven%26#039;t closed yet. Can I have my interest rate lowered before I close?

call the broker and negotiate.

I locked in a interest rate and haven%26#039;t closed yet. Can I have my interest rate lowered before I close?

Yes, you will have to re-do all of the paperwork and maybe pay some additional fees, but if you can secure a lower rate, it will definitely be worth it.

I locked in a interest rate and haven%26#039;t closed yet. Can I have my interest rate lowered before I close?

You made a decision, you authorized the loan officer to lock the interest rate to protect you from the chance of a rate increase. Upon execution of your instructions, your lender made a commitment to a loan pool for delivery of your loan at the locked rate. How would you like it is rates had increased and your lender had called and said, %26quot;Gee, guess what? Rates increased and you have to take the higher rate or we%26#039;ll lose money.%26quot; You%26#039;d be livid because they didn%26#039;t honor their commitment to you. The honor in the transaction between you and your lender goes both ways.

Keep things in perspective. On a 200,000 loan the difference between 6.125% and 6.00% on a 30 year fixed rate is a difference of $16.21 per month, hardley worth the angst you may be feeling.

That said, investors understand how borrowers feel about these things and if rates drop considerably between your lock and closing date, may of them will allow lenders to negotiate re-locks rather than lose the loan. In my experience that usually means a drop of a half a point or more.

I locked in a interest rate and haven%26#039;t closed yet. Can I have my interest rate lowered before I close?

As told, since you locked in the rate, there%26#039;s nothing you can do. However, if you have an open end mortgage, you can pay it down anytime. You can also request an amortization so you%26#039;ll know exactly how much you%26#039;re paying on the interest/principle.