May 29th, 2010 9:23 AM by Eric Fang
Q:It seems my current loan broker is playing a game with me. He can't lock up the rate he promised for some lame reasons. And he just told me today(May 28, 2010).
Can I still get this rate 4.xxx% ? Sometime next week? If it's still avaiable, I will love to work with you again. Thanks!
A: If the broker does not lock the rate, the broker should know the trading range of the rates, should know the market. The current mortgage rate is still within the trading range and my strategy is "float at the top(of the range) and lock at low". For the current level, I would lock 100% of the loans. If I don't lock, I should get the permission from my clients.
Also, please get a lock confirm from the broker you work with forthe promised lock.