Rate float to match another lender?

We are currently under contract for a house, set to close June 6th. Clear appraisal, fine inspections, etc. Rate is locked at 5.375, 5% down, paid $623 of points.

Lender is a local credit union. Lender does a (free) one-time rate float option for rate changes of 0.50% or more.

Looking at Ally right now, they have a 4.875 rate with $2200 back in credits. With only a week until closing, is this something I could contact my lender and ask if they could match and take advantage of that to use the rate float? Or would that have had to been done earlier?

As a reference, local credit union’s rates have dropped to 5.125 with zero points (but that would not qualify us for a rate float as it doesn’t meet the 0.50% difference).

submitted by /u/BoysenberryRough3308
[link] [comments]

We are currently under contract for a house, set to close June 6th. Clear appraisal, fine inspections, etc. Rate is locked at 5.375, 5% down, paid $623 of points. Lender is a local credit union. Lender does a (free) one-time rate float option for rate changes of 0.50% or more. Looking at Ally right now, they have a 4.875 rate with $2200 back in credits. With only a week until closing, is this something I could contact my lender and ask if they could match and take advantage of that to use the rate float? Or would that have had to been done earlier? As a reference, local credit union’s rates have dropped to 5.125 with zero points (but that would not qualify us for a rate float as it doesn’t meet the 0.50% difference). submitted by /u/BoysenberryRough3308 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!