Hi. We locked in a rate for our home loan and it's dropped 1/3 of a percent. Does anyone have experience with loan percentages going down during the loan process? Was the lender willing to adjust the rate to the lower one?
In general no. By locking it in you were betting rates would go up not down.
Think about it this way how would you have felt if it went up and your lender said they wanted to adjust it up?
You bet wrong, accept it an move on.
Yeah thought I would point out even if it dropped you are still getting a good rate.
some lenders will, but really, the protection works both ways. if the loan wasn't marketed to you with a big ol' IF THE RATE GOES DOWN, SO DOES YOUR LOAN! feature, it will probably cost you a point or fraction thereof to adjust it.
khairete
S.
My guess would be not. Hope you got a great rate already, and just be happy with it that's it locked in.
I have locked in before when that happened, but we had the condition that if it went down before closing that we would get the lower rate. That was agreed upon at the time of 'lock in'.
You could ask them. It never hurts to ask. You could also shop around for another loan that will give you the lower rate. Nothing is 'final' until you sign the line on closing day.
