Unlocking Mortgage Rate Locks
Regarding unlocking mortgage rate locks: I locked a rate last month at 5.5 percent and my credit score is 775. I see rates are now 5.0 percent. I have read that you can unlock a lock. I am closing about July 31. I have been been pre approved as well as approved for the loan?
Is it possible to unlock an interest rate? Do i have to pay to unlock the lock? What steps should I do? Thank you.
Unlocking Mortgage Rate Locks
Dear Gary, When you locked, you should have received a mortgage rate lock agreement that spells out the terms of your lock. If you didn't, get the agreement now to consider your options.
Some lenders offer float downs during times of decreasing interest rates for mortgage applicants who have already locked. Float downs can be associated with a fee or be free. It all depends on your lock agreement.
This is why I say every mortgage borrower must get a written good faith estimate and a written rate lock agreement because Written Rate Lock Agreement
+ Written Mortgage Broker Fees = Best Mortgage Rate.
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Gary, Here is some more help on locking-in mortgage rates.
Finding Help for Locking Rates
My Interest Rate Lock Guarantee - Help for timing your rate lock.
The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.
Get mortgage broker fees in writing or your rate lock is meaningless!
How good is a mortgage interest rate lock guarantee?
Yield Spread Premium is a common reason for losing your rate lock.
Questions to ask before you lock.
Search questions and answers at Ask Kate Mortgage Rate Lock Center I.
More questions and answers at Ask Kate Mortgage Rate Lock Center II.
P.S. Go to my Best Mortgage Rate Blog
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The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.