Posted on: 22nd Nov, 2009 01:38 am
It is obvious to me that if interest rates go up after your GFE but before your lock-in the lender will increase your rate/points. What happens in the reverse situation? IE if interest rates go down will ethical lenders offer you a lower rate/points or can they lawfully lock you in for the higher rate?
>> if interest rates go down will ethical lenders offer you a lower rate/points
Yes - you should receive a lower interest rate, but the points will remain the same.
Yes - you should receive a lower interest rate, but the points will remain the same.
A lender MAY attempt to keep your rate the same if you happen to be happy with that original rate quote. It is up to you to challenge your loan officer at that time.
