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Jan 22, 2021
12:24
:49
pm
Genghis Spreads
All-American
If you lock in a rate for refi and the rate sinks further, can't you just let
The lock expire and start over?
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Genghis Spreads
Previous username
BeefNoodleSoup
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Genghis Spreads
Joined
Feb 23, 2004
Last login
Apr 23, 2024
Total posts
33,842 (299 FO)
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Messages
Author
Time
If you lock in a rate for refi and the rate sinks further, can't you just let
Genghis Spreads
1/22/21 12:24pm
Which is why most banks just give you the lower rate
Kajdin
1/22/21 12:39pm
I want that, but there are so many people refi'ing right now they don't have to
Genghis Spreads
1/22/21 12:41pm
Depends. Some require that 120 days have passed before they'll allow you to float down and re-lock.
mulletino
1/22/21 12:46pm
Seems like they'd have to be pretty confident in their customer loyalty.
SweetBabyG
1/22/21 1:31pm
They literally lose money whenever a loan is locked and not closed (futures contracts). So you can't just be willy-nilly
mulletino
1/22/21 1:38pm
Are you thinks rates have much left to drop?
germ1
1/22/21 1:12pm
they already have since I locked.
Genghis Spreads
1/22/21 1:16pm
Enough to make a difference?
germ1
1/22/21 1:27pm
Yes, by about $20 a month.
Genghis Spreads
1/22/21 1:35pm
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