I would be surprised if they would eat that rate change.

As in.... you'd be surprised if they extended the 2.75 at no charge.

So am I currently not locked into anything? Would they be required to notify me? I feel like I should call the lender even though I emailed a few hours ago.

lenders can chime in, but there would be a cost to extend the lock, so either the lender would eat it, or you.

I would call.

Gotcha. I called and it went straight to VM. Left him a message.

He just called back and said they are going to honor it

Good news.

NWE said:

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As in.... you'd be surprised if they extended the 2.75 at no charge.

So am I currently not locked into anything? Would they be required to notify me? I feel like I should call the lender even though I emailed a few hours ago.

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There is typically a charge to extend a rate lock. It depends on pricing at that time but it is usually a percentage of the loan amount. If the extension is due to a borrower not submitting documents or something that is their fault we typically have the, pay for the extension. If for some reason it was our fault, we obviously pay for it.

I recently had an appraiser pick up a job and drop it after holding it over 3 weeks. The job was picked up by another appraiser and dropped after two weeks. Needless to say we had to extend the lock and I ate the cost because it wasn't the borrowers fault and it really wasn't our fault as the lender. It was an extremely frustrating situation. The rate cost me about $750to extend for 11 days.

Update on rates...

A little bummed here, back in August (I think) we were quoted by our mortgage dude a 2.5% rate (no discount points) for a new build, 20 year mortgage.
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Just now locked in for 2.75% about 20 days out from close. Oh well, only a $34/mo increase.... still a low low rate.

TxAger said:

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Update on rates...

A little bummed here, back in August (I think) we were quoted by our mortgage dude a 2.5% rate (no discount points) for a new build, 20 year mortgage.
.
Just now locked in for 2.75% about 20 days out from close. Oh well, only a $34/mo increase.... still a low low rate.

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Understand being bummed for sure, but you still got a fantastic rate. Rates continue to climb and looking back you will be happy with the 2.75%.

Congrats on the new home!

TxAger said:

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Update on rates...

A little bummed here, back in August (I think) we were quoted by our mortgage dude a 2.5% rate (no discount points) for a new build, 20 year mortgage.
.
Just now locked in for 2.75% about 20 days out from close. Oh well, only a $34/mo increase.... still a low low rate.

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About to close on Tuesday. Best I could get was 3.125 with 1/2 a point. So stop your *****ing.

We close in two weeks and the lender let us keep our 2.75 even though the time period expired. Very grateful.

Sub 3 won't be seen again for a long time if ever imo

What does everyone think mortgage rates will stay around this year? Best I'm getting quoted right now is 3.125%

I'm locked in at 3.25% for our first house, 5% down, 30-yr

We were at 3% at the end of last year but switched houses and had to re lock. Could have gotten sub 3% but too too long negotiating and rares went up.

Thinking it's still pretty good for first home buy. Thoughts?

Congrats on the first home! To imagine less than a decade ago we were just below 5, I'd say 3.25 is pretty darn good

El Hombre Mas Guapo said:

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I'm locked in at 3.25% for our first house, 5% down, 30-yr

We were at 3% at the end of last year but switched houses and had to re lock. Could have gotten sub 3% but too too long negotiating and rares went up.

Thinking it's still pretty good for first home buy. Thoughts?

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Congrats and it's a great rate. My parents first house had a 16% interest rate back in 1979 or something like that... might have been 18%. Either way, you get the idea!

Imagine that with today's prices.

Yeah, Ive used my parents first home purchase as an example for reference and I feel extremely blessed. Not to mention how much more we're spending on our first house vs what my parents did.

Hard to believe I'll be upset at that rate in 15 years...

Wrong emoji!

Refinanced to 15 year with cash out last week at 2.875. Kicking myself for not doing it in late late January when I was talking with my lender friend who said he could have gotten us below 2.75.

assuming good credit 15 year cash out still should be around 2.5%.

Should have used you rather than an old friend. Anyway, dropped us a whole 1% and only changed our monthly rate by $20.

I will give you a call next time.

I actually did not see that you mentioned a friend. Nothing wrong with some loyalty to a friend. Different lenders have different pricing structure so I am sure he was giving you the best rate that his structure allowed.

Oh no worries. Hopefully this is our last mortgage but if by chance we need another I know where to turn.

NWE said:

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Sub 3 won't be seen again for a long time if ever imo

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Maybe so...but the 40 year trend disagrees with you.

Carlo4 said:

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El Hombre Mas Guapo said:

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I'm locked in at 3.25% for our first house, 5% down, 30-yr

We were at 3% at the end of last year but switched houses and had to re lock. Could have gotten sub 3% but too too long negotiating and rares went up.

Thinking it's still pretty good for first home buy. Thoughts?

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Congrats and it's a great rate. My parents first house had a 16% interest rate back in 1979 or something like that... might have been 18%. Either way, you get the idea!

Imagine that with today's prices.

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To be fair, today's prices wouldn't exist with those rates.

What would rates be for 75022 area code appx 450k home purchase loan with 150k or so down from current home sale. Credit > 800 for both me and wife.

Say on 30 year?

Stupid@17 said:

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What would rates be for 75022 area code appx 450k home purchase loan with 150k or so down from current home sale. Credit > 800 for both me and wife.

Say on 30 year?

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Shoot me an email to bbailey@gomycity.com

I would be happy to go over rates and pricing with you for comparison.

Brian

I'll probably be closing a new permanent around Sep . (Home is being built). Any guesses on what I'd be looking at on a 30yr by then? (Good credit)

No.

Martin Q. Blank said:

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Orlando Ayala Cant Read said:

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I'll probably be closing a new permanent around Sep . (Home is being built). Any guesses on what I'd be looking at on a 30yr by then? (Good credit)

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2-5%

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Lol the classic double whammy. Extra high build costs due to current climate + higher than anyone else interest rates

I don't know. 2% is pretty low.

On a cash out refinance of an investment property, what are the best rates out there today on a 15 year, assuming excellent credit? Appraisal $508K and cash out as much as possible leaving 20% in it. Current note is around $267K.