Unlocking Mortgage Rate Locks

by Gary
(USA)

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?


**Super Kate Tip: Know your credit score!
Free Credit Score - See yours at CreditReport.com!**



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.

Get additional perspective on mortgage rate lock pros and cons from letters written by other Readers just like you. Many of the contributions share individual views regarding unlocking mortgage rate locks. FAQS are included also.

Take a moment to bookmark Unlocking Mortgage Rate Locks to your favorites. Invite friends to comment on this page or ask another question of their own like you did,

Gary, Here is some more help on locking-in mortgage rates.

Finding The Help You Need 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.

All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!

How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.

Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.

Questions to Ask BEFORE You Lock

Ask Kate about locking - Ask a question and get an answer from Kate.

Search Readers' questions and Kate's answers at Mortgage Rate Lock Center



Best Wishes,

Ask Kate
Kate Ford




P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

THE MISSION - Create 100 Millionaires by 2012

Successful Money Management

We formed our community of ordinary people, with a passion for creating a legacy, fulfilling dreams, and reaching goals.

Now we leverage the internet... Super Kate invites you to Come See!




**Super Kate Tip: Why settle for less than perfect credit?
Consult the Experts to Clean Up Your Credit Report.**



Return from Unlocking Mortgage Rate Locks to Get Your Best Mortgage Rate


The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Comments for
Unlocking Mortgage Rate Locks

Click here to add your own comments

No Free Lunch
by: Jill

Boy this really got me thinking. How many of us get caught up in the moment and think that things are either going to go right or that things will not change. This is were a series of questions about "what could go wrong?", "What might change?" that should be part of the due diligence process that we should all go through in picking a lender or loan.

As example the "cheapest" rate might have the most restriction on the loan process, where as a slightly more expensive rate might offer more options as an insurance policy if things change, especially if they should change in the borrowers favor.

Airlines do this all the time. The cheapest tickets are non refundable, if you want the ability to change you have to pay for it.

Ah, I took the long way around just to get to "there is no free lunch! Jill

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Ask Kate About Buying A House

Advertising Policy

Do-It-Yourself Loan Modification

$1000 or $39.99 - Which is right for YOU?

Not sure? Answer these 5 questions to find out.

The Freedom You Want Is Waiting For You

Come join us. Let's do this together.

There is a successful entrepreneur in all of us. Unlock Yours here.

Subscribe to Kate's
FOCUS ON FINANCE

Free News!
Free Stories!
Free Reviews!

Email

First Name

Then

I keep your email private.

How I Make Money

I finally came to grips with closing my mortgage company.

But I still wanted and needed to make money!

This is my story.

UNIQUE Mortgage Tips and Solutions From Kate

Discover Kate's Best Mortgage Blog today. Keep up to date on what's new about mortgages and additional tips to unlocking the secret code of mortgage lending.

Where to find your best best mortgage advice or not!

What to do if your mortgage loan approval begins to hiccup.

How much can you afford in a mortgage payment and why your lender doesn't know.

Eliminate guess work and last minute surprises from buying a home with mortgage pre approval.

Discover how to compare mortgage closing costs to get the best rates for the least cost.

Why you should always compare mortgage interest rates - Because the lowest rate may not be your best deal.

How to know when to lock mortgage rates - You deserve reliability and peace of mind, don't you?

This expert online mortgage advice is guaranteed to make you a savvy mortgage shopper.

Nitty gritty mortgage interest rate lock agreements and why you also need a good faith estimate.

Ask Kate For Solutions - Ask a question to get an answer from Kate.