Tim><
03-11-2004, 03:51 PM
I am currently in the attourney review stage of a home purchase. My closing date is approximately 75 days from now. I have three options for financing:
1) Wait until 15 days until closing. Get a 30 day rate-lock. Currently, I could lock in 5.25% for 30 days.
2) Wait until 45 days until closing. Get a 60 day rate-lock. Currently, I could lock in 5.375% for 60 days.
3) Get a 90 day rate lock immediately after attourney review is completed. Currently, I could lock in 5.375% for 90 days, but would have to pay 1/4 point.
In case you are wondering why I am adding 15 days of leeway, the area the house is located in allows the seller and buyer up to 10 business days of leeway to extend the closing date.
Please advise me as to what you would do. If possible, please support your position.
1) Wait until 15 days until closing. Get a 30 day rate-lock. Currently, I could lock in 5.25% for 30 days.
2) Wait until 45 days until closing. Get a 60 day rate-lock. Currently, I could lock in 5.375% for 60 days.
3) Get a 90 day rate lock immediately after attourney review is completed. Currently, I could lock in 5.375% for 90 days, but would have to pay 1/4 point.
In case you are wondering why I am adding 15 days of leeway, the area the house is located in allows the seller and buyer up to 10 business days of leeway to extend the closing date.
Please advise me as to what you would do. If possible, please support your position.