Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago on . Most recent reply
Rate lock expired.. rates much lower now.
We're in the middle of purchasing our first rental. The process is taking longer than expected which is okay. Our rate lock is expiring, and our mortgage broker sent us documents to sign to re-lock the rate. We did the original rate lock when the 10 year yield was at like 3.25 and the rate was 6.3% now the 10 year yield is 2.95 and I'd have to imagine rates are 6% if not lower.
I don't care too much since the mortgage is only $80,000.. I don't think my lender is looking to charge me a fee to relock, but am I correct in assuming we can't get a lower rate? Is it worth asking if we can split the difference?