a*********h
发帖数: 306 | 1 Because mortgage application takes a long time, is it common to apply first
and then lock rate later?
But if we sign the application, then we must be responsible for application
fee and appraisal fee. Then the lender can take that advantage to give us
higher rate. And we may completely lose our advantage to choose the lowest
cost mortgage at the beginning.
Or should I just trust that a lender should be a person who keeps the word
to always give us the most competitive mortgage rate? (so far I on |
U********n
发帖数: 471 | 2 you can hold ordering appraisal. |
n****i
发帖数: 547 | 3 Ask for free re-lock.If the rate will go down a bit, you can do a re-lock
for free.
And there have to be some kind of trust established anyhow. |
a*o
发帖数: 25262 | 4 You can lock the rate by the time you hand in your application documents to
the bank, or you can lock it anytime before closing, but you need to lock
the rate at least 1 week before closing due to regulations. The rate lock
period is typically 60 days - 90 days, which means you have to close within
this period. Most banks need 2 - 3 weeks to process the loan application.
first
application
【在 a*********h 的大作中提到】
: Because mortgage application takes a long time, is it common to apply first
: and then lock rate later?
: But if we sign the application, then we must be responsible for application
: fee and appraisal fee. Then the lender can take that advantage to give us
: higher rate. And we may completely lose our advantage to choose the lowest
: cost mortgage at the beginning.
: Or should I just trust that a lender should be a person who keeps the word
: to always give us the most competitive mortgage rate? (so far I on
|
a*o
发帖数: 25262 | 5 umm... free re-lock? I am not sure which bank offers that. They charge a fee
to re-lock your rate.
【在 n****i 的大作中提到】
: Ask for free re-lock.If the rate will go down a bit, you can do a re-lock
: for free.
: And there have to be some kind of trust established anyhow.
|
n****i
发帖数: 547 | 6 I got from my mortgage broker.
fee
【在 a*o 的大作中提到】
: umm... free re-lock? I am not sure which bank offers that. They charge a fee
: to re-lock your rate.
|
