hi i just bought a home to wrap when i went to get the loan from the morage broker he said the intrest was 6.1% the next day he rang up and said that they up it to 6.45% they gave me a preliminary approval with 6.45%. now they up it again to 6.85% the settlement is in 2 weeks they said what every the intrest rate is at settlement is what it’ll be fixed at so it could even be higher.
Is there anything I can do to keep the intrest rate they quoted meThanks Rob
Thanks Rob
with the last few loans I’ve got the bank has told me when applying that if I want to keep the rate as at my application date, then I can pay a rate fixing fee, otherwise I would get the rate as at the date of the loan is drawndown – not sure if all banks operate this way…..but assume that without an agreement to fix the rate, then it would be what the standard rate is when the loan is drawdown.
Cheers.
Hi Rob
Alana is correct. Not all lenders offer a “rate lock” facility. If your lender does not offer this then there’s not much you can do.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.autold ya rates are goin up!
Hello Stuart,
That is interesting.
Could you please tell me how much this rate locking fee is per loan?
Interesting concept. Just wondered whether the fee is worth it or not.
Thanks,
Talk to you later hopefully,[
]Del
I would like to give recoginition to my local St. George branch, on my lastest purchase a couple of weeks ago, during my loan application process I indicated that I will be taking the 5 year fixed at 5.99%, went back to sign form a few days later to find the rate had ‘skyrocketed’ to 6.19% as a show of good faith, Vicky (loans Officer) waived my already negoiated down loan application fee to zero. Extra cost over five years about $300. I’m glad I have a good relationship with my lender.
BC
]
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