Posted on: 25th May, 2010 09:11 am
Was wondering if anyone new if it was possible to change you interest rate after you have locked it. I was told that as long as I haven't signed anything I could change it if the rates drop...does anyone know??
Hi greeneyezz,
If you haven't signed the rate lock agreement, then you can change the interest rate. If you are planning to lock the rates today, then you would be able to take advantage of the present interest rates prevailing in the market.
Thanks
If you haven't signed the rate lock agreement, then you can change the interest rate. If you are planning to lock the rates today, then you would be able to take advantage of the present interest rates prevailing in the market.
Thanks
The rate lock agreement is confirmation that you said to lock at a certain rate. It has nothing to do with whether or not you can get a lower rate.
Even if you signed the rate lock agreement, you have the same opportunity for a lower rate as if you did not sign it.
All lenders have a float down procedure and many are different. Ask your lender if you can float down and under what terms.
Other than that, you can go to another lender, lock the lower rate and start the process all over with a new lender and a lower rate.
Even if you signed the rate lock agreement, you have the same opportunity for a lower rate as if you did not sign it.
All lenders have a float down procedure and many are different. Ask your lender if you can float down and under what terms.
Other than that, you can go to another lender, lock the lower rate and start the process all over with a new lender and a lower rate.
