This is especially true if you didn’t get a no cost refi or if the lender you originally picked isn’t offering the best deal to begin with. Suppose you are expected to pay $5,000 closing cost for your refinance. After the rate drops, you may be able to get the same rate from a different lender for only $1,000 closing cost.
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Traditionally, a lender will lock an interest rate between 30 and 60 days with no fee. After that, the borrower might have to pay a fee to extend the rate lock. The extension can be for 90 days to as many as eight months, depending on the lender. For people who are doing construction loans, for instance,
The rate/term refinance (refi) will be important to weigh. This loan is an adjustment on the interest rate and terms of your current loan. In most mortgage consolidations, this loan is considered safer. The lender has assurance that the borrower isn’t pocketing any money or reducing the amount of equity they have in the property.
Why Isn’t the APR Locked With the Rate? December 6, 2004, Revised January 5, 2008, August 20, 2010, Reviewed February 6, 2011 Because mortgage lenders usually lock only the interest rate and points, the APR (which includes fixed-dollar fees as well as points), is never locked.
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Wells Fargo’s retail lending division & core bank have really “taken it on the chin” in the last year or so, what with the car insurance, sales practice, and rate lock extension. Production isn’t.
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A no-cost refinance is when a lender agrees to cover the closing costs for your new loan upfront in one of two ways: increasing your interest rate or rolling the lending fees into your loan amount.
A funded mortgage loan is good news. It means you’ll be able to legally own your property and move in. But the day of funding can vary, and it may not be the same as the closing date.