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success07
639 Posts |
 Posted - 07/16/2008 : 12:30:50 PM
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OK so I tried locking my loan last thursday when the rates were better then today. But of course there was a problem online for me to lock it and im here in CA and the lock desk is in florida a 3 hour difference so I didnt catch it on time. (long story short) So rates got worse through the week and they finally fixed it for me on Monday for me to lock but now rates are just crap it would actually cost the cient for the rate i quoted her and she is a really nice lady. I dont know if I should tell her the rate went up a little bit or what to do I dont want to sound like those stupied bait and switch brokers. What do you guys think? wait it out? What would you do i need to make my decision today!!! I should be able to doc this in a week!!!!
Just gota luv the market! |
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ML
2998 Posts |
Posted - 07/16/2008 : 12:47:07 PM
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| Try telling her the truth, you got shut out of the rate lock window when bonds were bouncing all over the place. Explain that you will float until closing and try to catch the rate on a down tick, it's the best you can do in this unsettled lending environment! Be magnanimous, offer to split the difference on the screw up, chalk it up to experience, live up to your word! |
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success07
639 Posts |
Posted - 07/16/2008 : 12:53:24 PM
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Definitely agree thanks for the input its all about building that referral business and she already thanks me a million times when i talk to her and your right thats what im trying to do be honest in this situation...
quote:
Originally posted by ML
Try telling her the truth, you got shut out of the rate lock window when bonds were bouncing all over the place. Explain that you will float until closing and try to catch the rate on a down tick, it's the best you can do in this unsettled lending environment! Be magnanimous, offer to split the difference on the screw up, chalk it up to experience, live up to your word!
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Xanthan Gum
907 Posts |
Posted - 07/16/2008 : 12:55:50 PM
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| rates will be lower at some point in the future |
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success07
639 Posts |
Posted - 07/16/2008 : 12:57:25 PM
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ya and property value will go up but when will that be I have an approved loan now that is almost ready to doc. Gota play the field smart!
quote:
Originally posted by Xanthan Gum
rates will be lower at some point in the future
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cspatmon
2073 Posts |
Posted - 07/16/2008 : 3:19:49 PM
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| Nope, not until the last possible minute. Too many variables and tricky situations can occur like a last minute radical condition to clear...... |
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success07
639 Posts |
Posted - 07/16/2008 : 3:22:45 PM
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| ya i know what you mean that has happend to me nothings complete until you have check in hand!!! |
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mgraham224
1008 Posts |
Posted - 07/16/2008 : 3:23:10 PM
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| If you are closing that quickly, I would make your decision based on where rates come out tomorrow. If negative, I'd lock. If positive, it's a great sign. |
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success07
639 Posts |
Posted - 07/16/2008 : 3:25:25 PM
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funny thing about that is i been doing that the past couple days thats why i was saying i would need to make a decision today but just wanted to get some BO's input on this ill give it one more day i think...
quote:
Originally posted by mgraham224
If you are closing that quickly, I would make your decision based on where rates come out tomorrow. If negative, I'd lock. If positive, it's a great sign.
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vburek
522 Posts |
Posted - 07/16/2008 : 4:40:10 PM
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| i would suggest you log into mortgagenewsdaily.com tomorrow morning, take his advice. |
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success07
639 Posts |
Posted - 07/16/2008 : 4:53:41 PM
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| will do i check that everyday such a great site whoever doesnt have it get it now!!! |
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