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IF YOU ARE FINANCING A HOUSE THROUGH USAA--LOCK IN the INTEREST RATE!

IF YOU ARE FINANCING A HOUSE THROUGH USAA--LOCK IN the INTEREST RATE!

DonnaTroyanowski's avatar User  DonnaTroyanowski  (Opens a pop up layer) Contributor

We used USAA to buy our home.  We use USAA for most things and we are typically VERY PLEASED with our coverage and the customer service.  

 

I do just want to advise anyone who attempts to get a home loan to be sure that the person they deal with on the phone on the day they call to start an application for a home loan actually LOCKS IN THE RATE that is current.  This may apply to all banks, but I know it hurt us when dealing with USAA.  

 

It seems pretty obvious, but when we called back just a day or two later to talk to the person working on our loan application about our intended purchase, he said he had forgotten to lock in our expected rate (4.5%) and so the best he could do was that day's rate--4.75%.  

 

I was new to home buying, interest rates, the whole process.  I didn't even understand how significant this error was at the time.  And the person working with us was, I believe, genuinely apologetic and even embarassed to tell us that there was no way he could go back to the previous interest rate.  

 

So we pressed on.  And I don't think about what this mistake cost me very often, but I do advise people to make sure they get the rate that is motivating them to make that call and start that application.  

 

Re: IF YOU ARE FINANCING A HOUSE THROUGH USAA--LOCK IN the INTEREST RATE!

Eskie Girl's avatar User  Eskie Girl  (Opens a pop up layer) Contributor

You could ask that they pay discount points to buy your rate down since it was their mistake. It was only 1/4 of a percent so it would only have been 1/2 of a discount point (discount points buy down the rate 1/2% at a cost of 1% of the loan amount).
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