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Rate Lock

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Guest 0.10 Dollars($)	Posted: Mon Sep 15, 2008 4:14 am    Post subject: Rate Lock If I lock into an interest rate now, and rates go down can I change to get the lower rate?
sara Joined: 05 Jul 2006 Posts: 1189 Location: New Brunswick, New Jersey 220.67 Dollars($)	Posted: Mon Sep 15, 2008 4:35 am    Post subject: Hi guest, Welcome to the forums. If you go for a floating rate, you can avail lower rates once theydrop after your rate lock. Refer to a previous discussion on what if rates drop after rate lock? . Take Care
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 1346 Location: bloomfield, ct 45.00 Dollars($)	Posted: Mon Sep 15, 2008 7:36 am    Post subject: if rates go up, will it be okay if the lender increases your rate? _________________ George M. Akerley Senior Loan Officer Freedom Mortgage Corporation 37 Jerome Avenue Bloomfield, CT 06002 860-286-0444
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)	Posted: Mon Sep 15, 2008 10:55 pm    Post subject: Generally, no. However there are lenders that will do offer this. I have several in my database. In this market, I would definately go with one of these vs. locking without this floatdown option. I also would not feel confortable not locking since rates can go up as quickly as they came down. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here

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