miab87•9d ago

My buddy the realtor told me to skip the rate lock, worst advice ever

So my friend Dave who sells houses in Phoenix said I was being paranoid about locking in my refi rate back in March. He kept saying rates were going to drop and I'd miss out on a better deal if I locked too early. I listened to him because he's supposedly the expert. Well rates went up a whole point over the next two weeks and I ended up paying way more for my cash out refi than I needed to. I should have just locked when my lender offered me 6.5% instead of waiting. Now I'm stuck at 7.25% on a 200k loan and that extra .75% is like 125 bucks a month down the drain. Has anyone else had a realtor or friend give them bad refi advice that cost them money?

3 comments

3 Comments

piperr589d ago

My buddy got burned the same way, his realtor talked him out of locking in December and he ended up paying an extra half point a month later. Why do they always think they know more than the actual lender?

wade_perez9d ago

Totally feel you on that. My buddy @piperr58 had the same thing happen, but his realtor told him rates were gonna drop 'any day now' and to sit tight. A month later he was paying more and the realtor was like "well the market moves fast." I swear they just parrot what they read on some blog and act like its gospel. Meanwhile you're the one stuck with the bill.

evan_jenkins9d agoMost Upvoted

Realtors get paid whether you buy or not. @wade_perez said it best - they just repeat blog stuff. Your lender's the one who actually has skin in the game.