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rate lock expiration

Started by chris224
about 16 years ago
Posts: 1
Member since: Jun 2010
Discussion about
I currently have a 5% rate locked-in on an apartment I am in contract to buy. I am hoping/expecting to be approved by the coop board by the end of this week/early next but my rate lock expires on Monday. The bank has offered to extend the rate. With lower rates potentially even available though, am I eligible to get a lower rate from my bank? Or would that entail starting all over at this point. Just looking to close as fast as possible but also wanting the lowest rate I can get. Thanks for the advice.
Response by csn
about 16 years ago
Posts: 450
Member since: Dec 2007

The bank may allow you to pick up the lower rate without any additional paperwork. They may make you pay a penalty to do this but with interest rates at these levels it may pay to do this instead of starting all over.

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