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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Riccardo on April 28, 2021, 01:30:48 PM

Title: Lender won't budge on points, extended rate lock, closing in days
Post by: Riccardo on April 28, 2021, 01:30:48 PM
Can't believe it's taken this long. I first posted about this refi MONTHS ago, then about ancient garbage liens that the previous title company had screwed up (now cleared, but not over finish line yet because they will not submit to county until after close)....

Well, now we're at finish line. Lender extended rate lock but didn't tell me that. I thought rate lock expired on May 3, they say no May 10 (courtesy 7 day extension).

Paying 1.2 points for 2.75 on 30 years. Now their website is showing current rate is a 0.31 CREDIT for same rate. So I said, look, can we meet in middle and you give me a lower rate for same points. They say no we cannot adjust pricing, we are at finish line. I said this may be the last loan I ever get, don't want to be paying for 30 years at this rate. Should I proceed (underwriting, etc, all approved) or go with another lender? It may be that if I do that, will have to go thru same process with liens (at least now I know exactly how to find them and clear them, and I'd do it myself, not with title co).

Also current mortgage payoff is 226k, when we started this process we were at 233k+. They have not adjusted the loan down and are just saying the closing costs will be wrapped in there and we'll get a few hundred in credit.
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: srad on April 28, 2021, 02:03:06 PM
My napkin math says this is about 3k you are fighting over, which is being wrapped into your 30 year mortgage. So that's 12 bucks a month you are paying extra for your mortgage payment.  If that is worth it to you, then by all means, go for it... 

If it was me, I'd say, it is what it is.  Like almost everything in life, you can't time the bottom.  Close on this mortgage and move on.
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: Riccardo on April 28, 2021, 03:05:26 PM
Thx so much for this perspective, especially the "time the bottom" comment.
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: cool7hand on April 29, 2021, 05:02:25 AM
Echoing the other comment, life is a lot more pleasant if you look at all you've gained instead of the little bit extra you might not have lost if everything had gone perfectly.
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: Riccardo on April 30, 2021, 08:32:13 AM
Thanks, we are signing docs today.
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: MainstreamContrarian on May 03, 2021, 02:13:35 AM
Just had to chime in that I thought the comments were great and impressed that we have an OP that considered and then took advice!  Congratulations on your refi!
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: minority_finance_mo on May 03, 2021, 09:22:37 AM
Just had to chime in that I thought the comments were great and impressed that we have an OP that considered and then took advice!  Congratulations on your refi!

Wanted to echo this though. This thread is awesome :)

Thanks, we are signing docs today.

Congratulations Fru-Gal!
Title: Re: Lender won't budge on points, extended rate lock, closing in days
Post by: Riccardo on May 03, 2021, 06:00:40 PM
Thanks, everyone!