Locked But Not Loaded

Well after an awful lag, we finally got our home loans locked in. The primary loan unfortunately went up in the interim from 6.250 to 6.6% but the secondary loan actually went down from 8.3 to 7.7. Don't ask me how that happened. The secondary loan is a seven year balloon so we'll definitely have to refinance before the balloon hits but we would most likely do that anyways.

The loans are locked in (capped) at 6.6% and 7.7% but they can float down (only) so if the rates drop when we close in October or November, we automatically lock the lower rates. According to our agent, rates usually drop after the summer/fall.

I tried to play GMAC, our original lender against the new lender but GMAC couldn't match the new company's rates. In fact, they hadn't even re-assigned our application to a new agent after our original agent left and went to the new company. So that was annoying.