Comments on: Mortgage Applications Likely Soared Last Week – But Not Really

By: Michael

Michael — Sat, 06 Dec 2008 19:58:20 +0000

As far as unlocking your rate I am sure you can depending on where you are in the process -but it will probably cost you-best thing to do is ask your lender

By: Buddy

Buddy — Thu, 04 Dec 2008 13:05:35 +0000

I have a question I’m sure you’ve dealth with before. I’m about to buy a house and I have a lock on the interest rate (5.5%). As rates go lower, is there anyway to get out of that “locked” rate for a lower rate? I know what the word lock is and I also know it’s a gamble when you lock in the rate. I was just wondering if it could be “unlocked?”

Thanks in advance for your reply.
Buddy

By: Ohio Loan Officer

Ohio Loan Officer — Wed, 03 Dec 2008 19:45:30 +0000

Just like Mr Mortgage said, I pulled my pipeline and transferred to another company. It was either that or the borrowers were going to another Broker.

By: Kristen

Kristen — Wed, 03 Dec 2008 19:09:40 +0000

Just like i thought, some of these i had submitted and i locked last week, well gee are NOT getting approved.
The bank better drop the rates so people’s ratios will be in line, and THEY NEED TO APPROVE THEM.
I have been in the business for 13 years, i know what i am doing, the problem isn’t submitting a good buyer, it is the property values that will screw all this up for everyone!!!!!!!!!!!!!

By: Abrules

Abrules — Wed, 03 Dec 2008 07:56:06 +0000

Perhaps Mr. Mortgage is making another market call (sell the rally).

By: Save the Flippers

Save the Flippers — Wed, 03 Dec 2008 05:04:39 +0000

“and they better start buying it up to about $1.5 million in places like LA and SF”

God I hope not. The last thing we need is anything that props up overpriced coastal real estate. Let it fall.

By: Dave

Dave — Wed, 03 Dec 2008 03:45:45 +0000

Money man is 100% correct. How many overzealous LO’s went into bank websites on a lock-athon, locking everyone they wrote over the last 2 years at 6.75%, only to find out that those clients are at 120% LTV now, or are out of work, would need to bring $80 grand to close, or are so annoyed with the whole process that they are not even interested. A paltry few of these deals will close with UW guidelines as they are now. If the Treasury and Fannie/Freddie want to calm the markets and fix the problem, they better start buying stated loans from people who AREN’T 3 months late, and they better start buying it up to about $1.5 million in places like LA and SF.

By: Money Man

Money Man — Wed, 03 Dec 2008 01:09:58 +0000

I don’t give a hoot about apps. I WANT TO SEE how many actually make it to FUNDING…..I am willing to bet only 15-25% actually qualify. Just an observation from the poop deck. Sail on….DOWN.