Am I wrong? What would you do?

Discussion in 'The GatorTail Pub' started by G8trJasonB, Sep 19, 2013.

  1. G8trJasonB
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    G8trJasonB Premium Member Premium Member

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    We're refinancing our house so I got a bunch of quotes on Monday and picked the best one. Monday afternoon, I told the lender we wanted to lock in the rate. On Tuesday, they send over the paperwork and list of required documents. This morning (Thursday), I'm ready to send everything over, but I check the news first and noticed that rates have taken a fairly decent dip in the last 24 hours due to the Fed's news yesterday. So, since I haven't signed anything yet, I ask the lender to update my quote based on current market conditions. I'm torn on whether this was the right call or not though.

    On one hand, I'm not legally obligated yet and I'm just trying to take advantage of lower rates.

    On the other hand, if rates had risen, the bank wouldn't be trying to raise the rate they had quoted me on Monday.

    So....did I do the right thing?
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  2. gator7_5
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    gator7_5 Well-Known Member

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    Never feel bad about trying to squeeze every single cent out of your banker and your loan. You should feel bad if you weren't. This is coming from a guy who has a great relationship with a banker and has lots of mortgages.
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  3. Gatorrick22
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    Gatorrick22 Well-Known Member

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    This.
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  4. G8trJasonB
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    G8trJasonB Premium Member Premium Member

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    They've come back and said they can't adjust the rate since it's locked but once the loan is approved, we can re-negotiate. Which in my mind means, we can charge you a fee to lower your rate. I guess these guys don't understand that they are a commodity. So....I guess I'm still looking for a lender.
  5. Gatorgal04
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    Gatorgal04 Lowly Fan VIP Member

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    This.

    They hold most of the cards and won't hesitate to play them. Once I got all the way to the closing on a re-fi and walked away because the bank changed some terms at the last minute. They said take it or leave it, so I left.
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  6. fortmyersgator
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    fortmyersgator Well-Known Member

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    Any way you can instead pay down add'l principal. Always a good move to pay off debt.
  7. bakaduin
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    bakaduin Moderator

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    It's not personal, it's business as they say.
  8. toon66
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    toon66 VIP Member

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    Yes and feel no guilt about it. Your mortgage, your house.
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