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First home...mortgage experts?

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Old 01-30-2013, 11:56 AM   #1
Shetto24 [OP] Shetto24 is offline
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First home...mortgage experts?

Just got my offer accepted for my first time home purchase in Lakeland, WA! Excited but nervous as fcuk too! We found a hell of a deal on a 2900 sq.ft home My mortgage broker had several of my previous good faith estimates between 3.25 - 3.37 %...not bad. However, last night, he informed me that he locked me in at 3.5% for 45 days which now puts me a few dollars above what I told him was my max monthly budget. So on Saturday my GFE was 3.37 and on Tuesday it was 3.5. Can rates jump that fast? Or is he setting me up for options to buy points to lower interest? Anyhow, almost seems like a planned job and it's to late for me to shop around. 3.5% in the end though is not too bad either.

Thanks for all thoughts.
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Old 01-30-2013, 11:58 AM   #2
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they do change quickly..I think its every day..always fluctuating. I got locked at 5% so I envy you
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Old 01-30-2013, 12:04 PM   #3
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Have you gotten you "rate lock" in writing by way of a letter of commitment?

A verbal rate lock, while technically enforceable, is practically worthless. There is nothing more important to understand about rate locks than this fact. Any rate lock should be in the form of a legally binding document. This may be in the form of a lock-in form that accompanies a "letter of commitment" or "loan-commitment letter," or it may be on the letter of commitment itself. It's important to understand that not loan-commitment letters actually contain lock-in terms. The lock-in document should include both your name and the name of the lender, and the amount to be loaned, the interest rate, points, and any lock-in fees should be clearly specified. The letter should also indicate the date the lock was initiated and the date that the lock expires (or the number of days for which the lock is valid). Read the document carefully, and make sure you understand it fully. Sometimes, especially with unscrupulous lenders, the small print may void the rate lock in certain circumstances that are completely out of your control.

This goes both ways. Hope this helps.
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Old 01-30-2013, 12:08 PM   #5
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Thanks tco47001. So far, it was a verbal commitment via email. Broker said he was sending disclosure paperwork today but I haven't received them yet.
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Old 01-30-2013, 12:11 PM   #6
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i just got my house one year ago this next month. im a 3.875 and i think thats good. locking it in is KEY. im streamlining mine after may. you can always try and rate jump down. just gotta do some pushign with bankers. but find out what it is like 10 days before close. CONGRATS on the purchase. i was the second kid in my family to buy a house and im the youngest. so it was kindof a trip because alot has changed since my parents purchased a house. lots of red tape but closing is the fun part. 45 min of your name and initials. it flys!
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Old 01-30-2013, 12:11 PM   #7
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If it's only verbal then by all means check what the rate is today...and tom. But you deff. run the risk of the rate continuing to rise.
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