Zigner
Senior Member, Non-Attorney
You certainly are agreeable this weekend!**A: I agree with the posters.
You certainly are agreeable this weekend!**A: I agree with the posters.
**A: I agree. It was a great weekend. Hope yours was too.You certainly are agreeable this weekend!
How do you know that they didn't?I think Wells Fargo should have displayed some ethics and discussed extended rate locks with you at the beginning.
**A: and what is the OP's FICO score.How do you know that they didn't?
Yes, they do. And how do you know that this poster did not pass up one of those loans because the up front rate was higher than the loan he selected? A rate float is a crap shoot. If rates go down, you win, up you lose. He SELECTED a loan in which the rate was not totally final at the first closing.Can you produce some sort of down payment to lower the LTV? This should get the rate down. If not, I suggest you shop around unless you don't have any way to escape the Wells Fargo financing. Otherwise you'll just have to grit your teeth and refinance asap.
Some lenders offer combined construction/mortgage loans that convert automatically when your house is finished. They usually have names like "one time close".
Just my 2 cents here, but I think Wells Fargo should have displayed some ethics and discussed extended rate locks with you at the beginning. Generally you can have your interest rate locked for 12 months or longer in exchange for a refundable deposit.
**A: I agree and there is a lot we don't know with respect to his loan application and specifc underwriting guidelines.Yes, they do. And how do you know that this poster did not pass up one of those loans because the up front rate was higher than the loan he selected? A rate float is a crap shoot. If rates go down, you win, up you lose. He SELECTED a loan in which the rate was not totally final at the first closing.
Excellent accurate advice.I think that this is a problem of YOUR making. You did nothing to "lock in" your rate. How can you expect the same rate after so much time?
And who is this Isaac guy anyway? Wasn't he the son of Abraham and Sarah?**A: and what is the OP's FICO score.
Many extended rate locks - especially those for new construction loans - have a "float down" feature. So if rates go down, yours does too. Generally, you're only allowed to float down to the lower rate once before you finalize the loan.Yes, they do. And how do you know that this poster did not pass up one of those loans because the up front rate was higher than the loan he selected? A rate float is a crap shoot. If rates go down, you win, up you lose. He SELECTED a loan in which the rate was not totally final at the first closing.
**A: no but he was Fair.And who is this Isaac guy anyway? Wasn't he the son of Abraham and Sarah?
**A: oh brother. This information has nothing to do with the issue at hand.Many extended rate locks - especially those for new construction loans - have a "float down" feature. So if rates go down, yours does too. Generally, you're only allowed to float down to the lower rate once before you finalize the loan.
So do a lot of other postings in this thread. And since I was addressing the previous poster, you owe her an eye-roll as well.**A: oh brother. This information has nothing to do with the issue at hand.
**A: both and some escaped from their cages.So do a lot of other postings in this thread. And since I was addressing the previous poster, you owe her an eye-roll as well.
You might also want to keep in mind that a lot of readers are here to learn how to avoid others' mistakes. Are you here to help people, or rattle their cages?