question of extending mortgage rate ….?

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to do or not do, is the quesiton … Prices last month, drove me crazy, and now in front qalifed Situation.Ich was a loan to buy a short sale. I was not qualified before fiesd vor.i a moth in the first block was mad because slaes said with tight deadlines. but then a few weeks ago, prices were really jumping more than 5% – I could do this work if I make a company record of more than 5%, so I can hear in hadnt 4.875% barrier, but still return the form to the bank’s approval of my offer. I was einNun a risk I was in that rate lock is very confident that I include in the 30 days because the applicant has kept us informed of the offer before us – we were the second offer, we have done for the bank to wait for the tender with a bid-cons, what they did, and walked the first buyer. so we now know what to ask the bank and we submitted an offer for this Betrag.oi felt safe in the rate lock, because we were told by the listing agent that the rotation would be fast, because all other preparatory work was completed on Angebot.sowieso the first three weeks later, still nothing back from the bank were so worried now, talking to my broker, we were able to buy an expansion but they say keeps prices until we fill the überquerenso my thoughts when I lose my lock is rhythm, it can not be worse because prices look is at or below my already locked the bleibenso 4.875% condition would be worse than the creditor Senerio me the% 4875, once again, where we have to be ????? Is this true? how does it work?

1 Comment
  1. Reply
    Bill
    May 2, 2011 at 11:55 pm

    You are correct that you don’t need the rate lock if the rates remain where they are now. You need to properly review you financial situation before going through with this purchase. If you can’t qualify or afford the deal if the rate goes above the 5%rate then you can’t afford it at 4.875%. You would be too close to the margin and any little deviation could make you a statistic(another foreclosure).

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