Comparing and matching mortgage rates

[jeromedawg]

Hey all,

Over the past couple weeks I've obtained a couple quotes for a mortgage loan. The first was offered at just below 2.9% + $1000 credit back to me at close. Second is 2.75% I think without any credits... the loan officer on the first offer has been extremely helpful but I'm curious to know, as I have never been through this, if he would likely match the 2.75% rate. If I were to seek this out, how would I go about it? Just simply lay out that I applied for a mortgage loan elsewhere and got a 2.75% and ask if he can match it? Do I need to send him the pre-approval letter with the other rate? Anything else to note?

[jeromedawg]

Also curious about *when* to lock in the rate?

[August26th]

You don’t mention if it’s a purchase or refinance.

Mortgage rate quotes are really only “valid” on the same day as you receive them, as interest rates can change regularly and even throughout the day. So if you got one quote on Monday from Lender X and then another quote on Wednesday from Lender Y.... well, that is not at all an apples to apples comparison.

Don’t be afraid to ask a lender to match the better quote. They either can or they can’t. But before you do that, go get new quotes today from both, and then use that as a basis for your decision.

Rates are still hovering near all time lows and I think everyone’s crystal ball is glitchy these days. For a purchase with a set closing date, I’d lock in right away. For a refinance, if you love the rate, lock it and move forward. If you think rates might drop further, then just keep checking in with your lender(s) and asking for current rates.

[srad]

I've never had a broker give be a better rate than what they quote, but what i almost always get is a break on their fees.   let them all know you are shopping around and see what they will do to win your business.  I will say right now, i was able to get a break on fees but i'm doing multiple refi's at once.  For one loan, they might not need to give breaks now since every broker i spoke to was swamped...

Speaking to the crystal ball, rates are going lower, but by how much???  i decided its low enough and locked in 2 weeks ago.  I'm not doing my primary since i plan to sell it in 2 to 3 years, but the quote i got for it was 2.75 (2 weeks ago).  If it gets at or below 2% i'll revisit that decision. 

[LostGirl]

I've never had a broker give be a better rate than what they quote, but what i almost always get is a break on their fees.   let them all know you are shopping around and see what they will do to win your business.  I will say right now, i was able to get a break on fees but i'm doing multiple refi's at once.  For one loan, they might not need to give breaks now since every broker i spoke to was swamped...

Speaking to the crystal ball, rates are going lower, but by how much???  i decided its low enough and locked in 2 weeks ago.  I'm not doing my primary since i plan to sell it in 2 to 3 years, but the quote i got for it was 2.75 (2 weeks ago).  If it gets at or below 2% i'll revisit that decision.

Same I’m locked at 2.75 On a primary residence refi with a small cash out. I’m tracking because my lender said he would not float down the rate. We already paid for the appraisal so I don’t know that I have any options but it’s good to track.