What to do if you locked in your interest rate and they go down (after that) enough to really piss you off?

 

You call your lender and negotiate a reprice. How does a reprice work?  The interest rate must be lower by a certain amount.  Most banks assume a ¼% lower is enough to make a difference and might help you out with this.

 

Call the bank anonymously (like a new customer) and ask for a rate quote for the exact same loan and lock in period. Then ask what the shortest lock period is (ie: 7 or 15 days). If the interest rate that you have is ¼ point or higher then call your loan officer and ask if they can lower it, especially if you are closing very soon. 

 

If they say no, then you have a fight on your hands b/c they can if they want to. Bitch, threaten; ask to speak to management, etc.  Have some other bank quotes ready to spew out. Threaten some more, tell the loan officer you will be closing your loan elsewhere. He will bite at this, if you sound legit.  Remember, they can always lower your rate, they might make less commission, but less is better than nothing at all.

 

I do it, so why not!

 

Dale Siegel