I’m about to close on a house but I’m not too happy with my lender right now.
Yesterday I had a chance to lock in at 7% with a small credit. I wanted to think it over but when I got back to the lender the deal had changed. Now it would cost me extra for the same rate.
The lender wasn’t happy that I didn’t decide right away. He said most people just let him lock the rate. But I was the one who asked about the rates that day!
I’m wondering if anyone thinks rates might look better today? I’m hoping to get back to 7% if possible. Apparently I can’t get better rates elsewhere because I’m using a special first-time buyer program with no down payment. This means my rates are higher than usual.
Anyone have any thoughts or similar experiences?
hey, that sucks about ur lender! i had a similar thing happen. rates are so unpredictable lately, its hard to say if theyll be better today. maybe check a few comparison sites? even with ur program, u might find something. good luck!
Wow, that’s a tricky situation! Have you considered talking to a mortgage broker? They might know about other first-time buyer programs with better rates. Also, how long do you have before closing? Sometimes waiting a bit can help, but it’s a gamble. What’s your gut feeling about the current offer?
I’ve been in the mortgage industry for over a decade, and your situation is unfortunately common these days. Rates are volatile, and lenders are under pressure. While it’s frustrating, your lender’s behavior isn’t unusual. Special programs often have limited options, but it’s worth exploring alternatives. Check with local credit unions or community banks that might offer similar programs. They sometimes have more flexibility. As for today’s rates, it’s hard to predict short-term movements. Focus on your long-term financial goals instead of chasing daily fluctuations. If you’re comfortable with the overall deal, it might be best to lock in and move forward.