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Ask Shop Rate: Dennis

Posted by  on Apr 16, 2009
 
Afer i locked in a rate with a mortgage company with a 60 days limit, can I unlock the interest rate after the rates have gone down. My closing date is Aug 21, 2008. Original rate was 6.75 no points. With 2 points and $4000.00 I obtained a rate locked in at 6.25. Did I make mistake? Any advise would be appreciated. It all depends on that particular mortgage lenders policy. Some mortgage institutions offer a renegotiation to the original rate and some do not. It is best to discuss this issue with them up front.


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