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Clyde Said:

Once I "lock in" a mortgage rate with one lender, can I still shop rates and lock in with another lender also?

We Answered:

Absolutely not. I'm a loan officer and I lock rates all the time. During the contract negotiations to buy the property I continue to shop rates for my clients. If a better one is available I will take them with the lower interest rate and just let the other one expire. If your bank is telling you that you don't have options show them you do by walking. Contact a reputable mortgage broker to help you find the best rate.

Jim Said:

Can I negotiate with my mortgage lender for lower interest rate?

We Answered:

I think a loan modification would be your best bet in this situation. Refinancing would cost a lot in the end with the closing cost and commissions to the loan officer. I've done a couple loan modifications and the people are usually in a much better situation afterward but there are never any guarantees. I suggest you go to someone experienced in loan modifications and goes through an attorney because they'll be a lot more qualified to negotiate with the lender. As long as you have a decent cash flow going and your showing a real effort to try to stay in your home. One last thing is that loan modifications are only available for people in hardship meaning you have to be behind at least one payment. But for sure consult a professional before you take any action.

Adrian Said:

Are FHA Mortgage Rates Standard from lender to lender?

We Answered:

FHA rates vary from lender to lender. You definitely need to shop your rate! But then again it isn't just the rate you need to be aware of, but the other charges on the good faith estimate as many of them can vary too.

Everett Said:

Which mortgage lender in Austin gives the lowest interest rates?

We Answered:

call around yourself and find out - sometimes Sunday newspapers list mortgage rates for nearby banks - the rate anyone else got is irrelevant to what YOU will get, based on your credit score, income, price of house, etc

Jeremy Said:

Can you recommend a mortgage lender with the best rates?

We Answered:

Rates fluctuate on a daily (if not more often) basis...whatever bank gets recommended today for a low rate may have the highest rate tomorrow. I would suggest using the phone book and sitting down one day and calling all the banks in the area and seeing who has the best rate combining APR and points.