Thursday, October 17, 2013

Bummed about rate locking..not happening :(

So we are close to 60 days out...and when I talked to the loan rep a few weeks ago she told me we could lock in our rate and be set. I knew it sounded to good to be true :( I just talked to my assigned person at the bank and she said that we have to factor in the time frame from C/O to appraisal to closing date, which could be another 2 week. Bummed!

The appraiser will go out in a few weeks and get the majority of his appraisal done and then when the C/O is issued he'll go back out and confirm the specs are correct. This is what the first lady failed to tell me. We had terrible luck with our appraisal back in June/July, it took them almost a MONTH to get the report. If that happens again we would lose our rate lock and be subject to current rates.

So now we have to wait until we give ourselves a generous cushion of time in case we get delayed or in case the appraiser takes their sweet time :(

In the meantime, they are going to do the approval and wait on us to decide if we want to risk locking the rate in. I am so terrified of rates jumping again, I really thought this would be the one thing that went right through this whole process, but nope!

On another note,
We are going to install our Roxul tonight. Hubby went and put it in the basement last night and said the front doors and most of the windows were in...and I think he said some interior doors were in as well. I'll take some pictures tonight. wish us luck!

4 comments:

  1. the rates are definitely coming down! Might not be a bad thing to have to wait. Excited to see some pics!!

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    1. I really hope they stay stable, it's giving me chest pains. lol

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  2. Rates will probably go down now that the shutdown is over, more loans can be closed, and they have the new fed chair appointed with similar views to the current chair. Once you lock just don't look back! If you do you might be happy you locked, but if rates go down you'll be kicking yourself you didn't "wait 1 more day"!

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    1. Very interesting! Thank you for this advice!

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