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Overheard a guy at the coffee shop say he locks rates 45 days out. Always did 30.
Was waiting for my drink yesterday morning and caught this older broker talking to someone about a deal he just closed. He said he never goes under 45 days on rate locks because the buffer saved him twice last year when closings got pushed. That got me thinking. I always did 30 days to save the tiny fee but now I wonder if I've been cutting it too close. Has anyone else switched to a longer lock period and seen fewer headaches?
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brianm272d ago
Yeah that's just how things work now. Everything takes longer than it should. I noticed the same pattern with contractors too. Everyone quotes two weeks and it's always three or four. Locks are the same game. The extra 15 days costs peanuts compared to losing a rate and having to explain that to a pissed off buyer.
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dakota1602d ago
Agree @brianm27, had a painter tell me two weeks and it took six.
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