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My financial advisor said that there will be at least one .25% fed decrease in interest rates this year, so it may be worthwhile to hold off. I also don’t love the sound of your loan agent—this is your decision, not theirs.
I understand my agent isn’t exclusively for me and they have other stuff to do. But he’s a bit pushy and seems annoyed. :/
Are you under contract? What’s the rate, what’s the discount point cost? Usually yes lock if you’re under contract, have already gone over the breakeven period of the discount point cost and decided it’s worth it based on the next rate up and how long you’re planning to live there. Today was a bad day for rates and mortgage experts have been advised to lock today.
Don't pay to lock in when the rates suck right now... I don't think it will be worth it. They might start going down a little in the summer.
They may not be explaining it well. I have been a preferred lender on many projects and we only charge an up front fee for a long term lock. This does lock your rate in but the bigger question to ask is, what happens if the rate drops prior to closing? On ours, and most others, long term locks we will drop the rate to the market within x amount of days to your loan closing (typically 20-30.)
I agree the fee isn’t fun to pay but the people I long term locked at 4.75 that closed when the market rate was 6.5 would tell you they were happy they did.
The other important question to ask is, what happens to my long term lock fee? There are two options for this
1) it disappears as it was just for the lock
Or
2) it is refundable at closing and essentially covers your closing costs
I feel like they are not doing a good job on educating you on what is actually going on with this lock.
The timing now with the rate doesnt seem as attractive to lock at the moment.. im hoping it goes down, but i was wondering seeing different lenders closer to closing date 60-90days might offer me better rate.. the lender who was helping me seemed annoyed that I didnt lock it. Even the sales rep is telling me the same thing. Just feels like it’s a required thing to do when it isnt