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Old 06-27-2012   #1
pbowman's Avatar
Moab, Utah
Join Date: Feb 2004
Posts: 245
Question about home re-fi loans

i am in the process of refinancing my home loan, and i was able to lock a 30 year fixed at 4.0% around 60 days ago. at that time, i had to pay a small origination fee of 0.25% to get the 4.0% discounted rate because rates at that time were in the 4 1/8 to 4 3/8 range.

due to processing errors (in my opinion) on the lenders part, they have delayed the original closing date of June 1 +/- twice at no cost to me. However, through the time of these delays the interest rates have dropped more and it seems the i could now get a rate in the 3.75% range with no origination fee/points.

i am comfortable with a 4.0% interest rate (which is higher than current and should result in a premium to my lender when they resell the loan), but i am disappointed that they still want to charge me the origination fee. i understand that i locked into this loan, but through no fault of mine it would seem the delays would allow me to just walk away and get a better rate. does anyone have experience with this type of situation, or work in the industry to offer me some perspective on these interest rate lock agreements?

thanks in advance.

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Old 06-27-2012   #2
mr. compassionate's Avatar
conifer, Colorado
Join Date: Jan 2006
Posts: 937
Even 60 days ago rates shouldn't have been any cost at 4% unless you have a low loan amount say $150k or less. The fact that the loan was locked means you and the lender are locked in at those rates. They don't benefit from the drop just as you don't.

If you are a typical fannie/freddie loan then you should get 3.75 today if willing to walk on them and probably your appraisal fee.

Out of the business for now but could refer you to someone decent if you have the me.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. Winston Churchhill
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