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Real Estate
Reply to "Refinance - locked rates and now rates have dropped"
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[quote=Anonymous]When you lock an interest rate and then rates drop, is there typically a way to switch to the lower rate - I.e. by paying a fee? It seems I could just switch to a different company and start the process over to get market rates, but I don't really want to do that. But I understand that if rates had gone up I would expect them to honor the lock so I need to do the same, but since I plan to keep this mortgage for a long time I'd like to get the lowest rate possible. How does this usually work? Also, my rate lock expires next week. If they do not close by then, does my loan revert to market rates?[/quote]
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