Can I take my mortgage elsewhere to get a better rate?
I am not closing until July 27, which is way longer than I expected. My lock expired on July 10 but current rates are lower than what I locked at. My loan officer told me I will get worst case pricing on the fifth day prior closing. If rates get higher on that date I get the higher rate. If rates are still under my locked rate, I’ll get the locked rate. Is there a way I can get them to give me the lowest rate possible? Do you guys have any suggestions? Do you think threatening to take the mortgage elsewhere to get a lower rate would have any consequences? I am alright with my current rate, but of course I would prefer to get a lower rate if possible. by dhrakar251 from Alameda, California. Jul 7th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
I you agreed to the original rate lock - then you are being told acccurate information and dont have much of an option with the present lender ( if rates had increased , it would be fair for the lender to come to you and tell you rates were going to be higher than the locked pricing ) ...if you didnt agree to the intial lock - you might have a chance to get a lower rate from present lender ...if you shift to a new lender - you better do this fast as the closing date is less than 3 weeks away ...if you do this make sure you work with a lender and can process / approve and close quick or make sure that your seller can extend the closing if needed
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