Question related to mortgage refinancing

[Sanjeev Kaushik]

Last month, I got the quote for refinancing mortgage (primary home) 3% 30 year fixed with no points. I submitted all documentation, but lender has not started the process yet. Now rates are further down by another one quarter. What options do I have? Can I negotiate the rate with the lender or walk away and find another lender? Suggestions?

[Kathy Henley]

@Sanjeev Kaushik When a lender processes an application they will tell you when the rate is 'locked in'. It is set by the underwriters and good for a period of time. Ask your loan officer if your rate is locked in. No points is very attractive.