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We recently "locked" our rate on a rental property we are buying at 4.875. A day later, drops back down to 4.625. Can we no longer get the 4.625? Are we "locked" in at that rate thru closing?

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You are locked in at 4.875%, but most lenders will allow you to re-lock the rate for a fee. It's not cheap though, maybe ~$500, so you should only do it if (a) you are sure the loan is going through and (b) the re-lock fee is less than the money you'll be saving with the new rate (which depends on the loan amount and how long you plan to keep the property).

  • You mean, I'm locked at 4.875? That's good to know. I'll ask him. I plan on keeping this property till it's paid off and possibly longer. – maplemale Jun 11 '15 at 23:36
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    looks like you have a typo. – JTP - Apologise to Monica Jun 12 '15 at 0:11
  • Turns out I did not get to try this (re-locking) because rates ended up higher again by the time we closed. – maplemale Jul 13 '15 at 15:37

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