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Loan Commitments

Started by galaxykid
almost 16 years ago
Posts: 3
Member since: Nov 2009
Discussion about
I have a loan commitment from a lender and have locked in a rate. However, rates have been decreasing and I'm wondering if I can shop around with another lender for a better rate. Is that still possible to do after I've received a loan commitment and locked in? Thanks.
Response by galaxykid
almost 16 years ago
Posts: 3
Member since: Nov 2009

bump

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Response by Riversider
almost 16 years ago
Posts: 13572
Member since: Apr 2009

The only thing stopping you is time & money.

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Response by shong
almost 16 years ago
Posts: 616
Member since: Apr 2008

You must have locked during the 2 week period when rates were climbing. Nonetheless, you should keep the current rate lock and commitment but you can still shop around to see where rates are. If you can get something at least .25 better then it might be worth paying for another commitment letter. Of course this is assuming you have at least 2 to 3 weeks before closing. sunny.hong@bankofamerica.com

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