Mortgate rate help please - urgent

[nick__45]

I was quoted an interest rate of 3.375 percent with 0 point deduction on the phone and started the refinancing process 5 days later. I was told that the rate would be locked in at 3.375 percent last Wednesday (4 days ago) but rate has fallen to 3.00 percent. Is there a way to relocked at the new lower rate. The lender hasn't even charged my debit card for the good-faith money. The bank is USAA if that helps.

Thanks.

[kork13]

I'm very familiar with USAA, and use them all the time. Just call them and ask -- I wouldn't be surprised at all if they moved it down for you... That's the kind of customer service they're known for.

[nick__45]

Thanks. I'll call Monday and ask. I already sent an email. It is only a few days and I wouldn't be surprised if the rate already moved down when I locked in from what I was quote. I am in the process of moving everything over to USAA because they do good things to the community and vets unlike those thieving banks.

[kork13]

Thanks. I'll call Monday and ask. I already sent an email. It is only a few days and I wouldn't be surprised if the rate already moved down when I locked in from what I was quote. I am in the process of moving everything over to USAA because they do good things to the community and vets unlike those thieving banks.

Agreed. While I use a number of different financial institutions for various savings, credit card, or investment accounts, USAA always has and will be my primary. If there's a better all-in-one (banking, insurance, investments) company out there, I've yet to hear of it. Best customer service in the industry....perhaps anywhere.

[ktmarvels]

I hope they will do it for you. When we purchased our house from them we were unable to get the lower rate. When you lock in the rate, unfortunately you actually lock it in. We asked much later in the process than you are, however.

Good luck!

[nick__45]

I hope they will do it for you. When we purchased our house from them we were unable to get the lower rate. When you lock in the rate, unfortunately you actually lock it in. We asked much later in the process than you are, however.

Good luck!

I called this morning and spoke to the representative. She indicated that the rate I was quoted and locked-in is actually lower than the current rate due to other options such as points and fees. I then check with my current lender and rate actually went up a little bit from last week. However, USAA has a lower rate advertised but it is possible that such price is for VA loan and has discount points and I am going with conventional loan. A check with Bankrate.com indicates that rate went back up. It is likely that rate took a dive late last week after I lock in and jumped back up. I am looking at a 15 years loan; therefore, I'll be paying an extra $6000 with a 3.375% rate verse a 3.00%.

I did receive lending paperwork today and discovered that the Title fee is ~$1700, which is $700 more than what my current title company charged me 2 years ago. I have sent an email to the loan officer to ask for price matching or let me use my current title company, which is actually higher than most around here due to higher overhead and better reputation. I won't be buying a borrower's insurance policy again as nothing negative took place since I bought the house.

I have a question for you guys. Survey fee was waived when I bought my house. In the state is VA, am I required to have survey done. It is a planned subdivision with many houses having privacy fence and the lots are almost cookie-cutter type; therefore, problem with survey is rare and it is not like I care since we and those around us have fences and I am happy with the size of the lot and how the fences are. If survey is done, it will either tells me everything is ok or that I am screwed or someone else is screwed. Basically, no good things can come out of it. A few inches here and there makes no difference and the lot size doesn't change on paper, which is what people reads and pay for at time of purchase.