If our rate is locked, is it possible to re-negotiate rate if it went down?

It depends on the lender and their policies.. some lenders allow for a one time float down.. if rates are lower by at least 1/4%, they are allowed to relock one time at the lower rate, but they cannot extend the closing date... understand that not every lender has this policy.. those that do, usually have a slightly higher price to begin with, so the cost to have this option are built in.. you can choose a different lender at any time, however any monies you have already paid are not refundable.. also understand that if an appraisal was already done, most lenders will not allow transported appraisals, so it's possible you would have to have your home reappraised.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There are guidelines to re-negotiate...lenders are different so you need to ask your lender what their policy is. Good luck...

it depends on what the lenders policy is regarding float downs of the rate. some will do it, but at a cost to you. Even if they do lower the rate, it may not be as good as what is out there on the market now. I would look at how big of a difference in the rate between what you are getting and what is available now to see if it is worth looking at another company if your lender cannot make it work for you. If you would like more information or want to see what is out there, please feel free to email me at mbosworth@emeryfs.com or call me at 888-720-9095. good luck

It is all up to your lender.

Really depends on the lender. We offer a 1-time float down, others may agree to re-negotiate it but ultimately if you want a lower rate you may need to be willing to move to a different lender (or at least threaten that step) and start over to get a lower rate - assuming one is available.

You can switch to another lender. Keep in mind your appraisal, if you have one may not transfer. What funds did they take? Appraisal? No other funds should have been given. You need to compare if there is enough benefit.

you can pay a discount point to get your rate lowered, or you can call me my rate will be lower and I charge no points. Virginia 602-277-4545

Yes and no... Understand, you locked. That is for both your protection and the lenders. The lender has no idea what rates are going to do... Funny how people only think of their side... "What if rates go down?" How about if lenders said "what if rates go up", then disregarded your lock agreement, and charged you a higher rate?? Some lenders will potentially allow a re-lock depending on circumstances. Talk to your lender... Then people often think... Well I'll just switch lenders... That is also not as easy for everyone as they think... For the vast majority of people, be happy with what you have, and be glad you are locked.