Renegotiate the rate after lock-in

Bank of America provided a free float down if the rate dropped by 50 bps or more. Ask Chase. If they say no and rates are significantly lower than what you locked in, you could always go with another bank.

i just dealt with Chase as i'm buying a short sale and have been in contract for 6 months already. Chase has a new rule in effect from Nov, 2009, as per my rep (he is with them for a dozen or so yrs), that you have to keep extending the rate lock and keep paying for extensions even if the rate goes down.

i went to a different bank now and got a rate that is more then 1/2 % lower and got away from paying more then 1 point in lock extensions on a higher rate.

To which bank are you switching? I have some problems with Chase also. My current mortgage is with them and I don't find their rates are that competitive.

went with Sovereign. they beat Chases current rate by 1/4 and less points.

Thanks for the tip. I will check them out.

Thanks for the suggestion. I will check with my loan officer again tomorrow!

It will cost you nothing more than the application fee (and any appraisal or extension fees you might have paid) to get a better rate if rates go down. If Chase won't do it, walk out the door to the next bank and pay a couple hundred dollars for an application fee.

i did this with chase. it was free to renegotiate and rates had improved substantially since my lock-in so it worked out great for me. this was before nov '09.

Stay away from Chase, what a bunch of crooks!
I called to see if i qualified for any of the Making Home affordable loans/refi's.
They pulled up my acct, told me that if I was to unlock my rate lock my payment would go from 846 down to 304. (my rate lock was at 7.95 and the current rate was as 3.25). so they faxed me the paperwork, signed it and sent if back. they said it would take 1 or 2 billing cycles before it would clear. So I started watching my billing cycles, and noticed that instead of going down to 304 it was now 1090. So I started calling tring to find out what was going on. Everyone I talked to said yes, your payment should go down to the 304, but no one could explain to me why it had not. by the 2nd month of calling, I finally got a hold of someone and refused to be let go until we figured this out! we talked to numerous people and departments. I finally got a hold of someone who could answer my question, why wasnt my payment going down, why was it going up. The explained that I should have been told that the payment must be at least 1% of the outstanding balance, (my out stanting balance was 109,000., thus the 1090. payment. AT NO TIME WAS THIS EXPLAINED TO ME, I WAS SIMPLY TOLD MY PAYMENT WOULD GO FROM $846 DOWN DO $304. LETS FACE IT, I CALLED TO LOWER MY PAYMENTS NOT RAISE THEM. I HAVE CALLED TO GET THIS REVERSED, OR WHATEVER, AND I AM TOLD THERE IS NOTHING THEY CAN DO. BEWARE, HAS THIS HAPPENED TO ANYONE ELSE OUT THERE?? my next step is to call one of the investigative tv shows, to bring this to light. Maybe someone can do something about then.