Wednesday, June 1, 2011

locking in a rate and question

I wrote our Loan Officer yesterday and told her our PM says closing is scheduled for July 22. She said we'd talk at the end of the week about locking in our rate. (we are using someone NVR brokered, so we can only lock in with them 45-50 days before closing vs. the 60 days with NVR).

I am thinking of waiting until next Monday. I know that our PM says the 22nd, but isn't it really up to corporate? Can't they say a different date after that one if they are booked up? I figure if I wait a few days, we'll be covered.

I don't know... Am I wrong? Thoughts?
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5 comments:

  1. Minaq2June 1, 2011 at 11:22 AM

    I would hold off a day or so since you don't have the 60 day window. We were told two different dates by our PM but received another day in the letter from Ryan. Now all the dates were within a day or so of each other but still. I would not want you to lock without a cushion. Plus didn't the PM push up your date for your hubby's schedule? I would want to make sure just in case that the rate lock will extend beyond that date is well.

    Of course we don't want anything later than the 22nd but I'd hate for you to lose the rate over a couple of days.

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  2. LaLadyJune 1, 2011 at 1:34 PM

    I agree. I would want a few days of wiggle room AT LEAST. Whatever the interest rate could possibly climb to between now and the end of next week is no where near what it will be by July 22 when your lock expires.

    I've been hearing rumors that after July 6th interest rates were going to sky rocket. hmph could be all talk but thats just what i heard.

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  3. Noey814June 1, 2011 at 3:51 PM

    July or June Lady? I know on Friday the Monthly Employment Situation Report comes out. That has a direct effect on interest rates. It comes out Friday morning... I was thinking of locking in on Monday the 6th. Let's hope it good news for us, and not bad.

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  4. LaLadyJune 2, 2011 at 9:09 AM

    JULY. Eveything will work out. You just tell your PM to GET IT RIGHT....keep it tight!

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  5. StephanieJune 2, 2011 at 10:09 AM

    For me I waited a few extra days to be sure you do want to wait till you are within the 60 day window. I bet you cannot wait to lock in. I know I sure was. It was a big relief to get that out of the way.

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