MortgagesUndressed

Larry - wrong so far.

One week ago I said to lock, using December 22nd as a closing date. Today for the same fees, the rate is down 1/8%.

So if you didn’t lock and are still floating, what do you do? You have to lock somewhere around the 18th as the rate must be locked to get your documents.

Here is what has been most common in my career. This was often my advice when like John Daly, I had a client wanting to float. John disputed my postion on Teresa Boardmans blog. The advice: Call me around 10AM every day and we will look at the rate. The moment the rate goes up, lock.

I have seen too many files in trouble because borrowers were trying to suck the last .125 from a rate. John proved me wrong here, and so far so good for him were he the gambler…..I mean the borrower.

So each day I will post the change for you. For both of or all of our peace of mind, lock now.

John’s score = .125 lower rate if he locked today.

See you tomorrow. Lar