All Forum Posts by: Ruben Reed

$2400

Hello everyone. I need advice on rate locks. I understand the purpose of them, however I don’t feel that they are always necessary. I have a suspicion that my lender is trying to get me to spend more money. He is charging me $2400 for the rate lock. I feel that’s a bit too much, especially since my closing date is May 30th. My interest rate is already high due to my recovering credit score so what am I protecting? I honestly can’t afford to go into my reserves anymore. should I purchase a rate lock or not? Any advice would be appreciated. Thanks 

Hello everyone. I need advice on rate locks. I have a suspicion that my lender is trying to get me to spend more money. I understand the purpose of rate locks but I don’t feel they’re always necessary. I’m due to close on my property on May 30th. I’ve already been approved. All of my documentation has been accepted. I’m just waiting for the appraisal. My lender is charging me $2400 for the rate lock. I feel that’s a bit costly. My interest rate is already high due to my recovering credit so what am I protecting? I know the market rate changes daily but my closing is coming up soon. Should I spend this amount of money on a rate lock or not?

Hello everyone. I need advice concerning rate locks. I understand the purpose of them but I don’t they are always necessary. I have suspicion that my lender is trying to get me to spend more money. He’s charging me $2400 for the rate lock. However my closing is on May 30th. I could be wrong but I feel that’s a bit too much to charge. Im no expert and that’s why I’m seeking advice here. My interest rate is high due to my recovering credit score so it’s not like I have a low rate to protect anyway. Any advice would be appreciated thanks.