Can You Negotiate a Mortgage Rate After Locking?
AuthorKelsey Heath. Date:
A high mortgage rate can lead to thousands of dollars paid in interest over the life of the loan. Mortgage rate locks are designed to protect borrowers from rising interest rates but also work in reverse. Once locked, your rate typically won’t decrease, even if the market shifts in your favor. However, there are a few exceptions. Some lenders offer float-down options that allow borrowers to adjust their rates for a fee. Others may have renegotiation policies that let you take advantage of a lower rate under certain conditions. And in rare cases, some borrowers choose to cancel and reapply, but that comes with risks. So, what can you do if you’ve locked in a rate but want a better deal? The answer depends on your lender, timing, and the financial trade-offs. In this article, we’ll break down how mortgage rate locks work, when (and how) you might be able … Continued
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