MM's website rates show a 30 year fixed with zero points at APR of 6.53% for a $600,000 coop loan. Any experiences with the validity of their quotes assuming a 800+ FICO?

No BS from Melissa Cohn and her colleagues. If they say the rate is 6.53, it's 6.53.

Of course, it could change tomorrow.

I agree - no bs from Melissa. EXCEPT - the rate that MM gets is not always the lowest rate. Sometimes they will go to a portfolio lender who will actually give you a better rate if you go directly to them (as incentive to avoid the brokerage commission).

Weird - this got cut from my prior post. Let's try again.

"Thus - that 6.53 could actually be 6.28 if you can find out the bank she's getting the quote from and go direct."

how do they compare to lending tree?

I would say MM probably has a more intimate knowledge of the New York market and could probably get you a better rate than lending tree - though I see no problem with going through both (and searching on your own) and seeing who comes up with the better rate.

Totally legitimate company, highly recommended. You may find better rate through trolling banks on your own (especially via private banking or wealth management divisions of banks), but MM is relatively competitive. If not going directly to a bank, I'd go with MM.

I called 3 banks directly - including the one MM was going through - and the lowest rate was with MM. Just be careful - they, like everyone else, encourage you not to lock in for some reason. My broker kept saying - but what if rates go lower? To which I replied - lock it anyway. I was more concerned with hedging against a significant rise moving my monthly payment out of reach than kicking myself over a slight drop in the rate.

BTW, turns out I got lucky. I locked on the day the rates were the lowest of this year...good luck!

I don't know what MM's policy is, but the bank I recently obtained a 30yr fixed mort. from permitted one downward re-set during the lock period so long as it was within 14 days of the lock expiring. Something like that. In this environment, I wouldn't worry about it for the next 3 months--rates ain't going down further anytime soon.

Crystal - I actually had the reverse situation with MM. They encouraged me to lock in and I believe it was based on their honest assessment of the market.

Lots of banks offer float down options where, if the rate drops a certain amount, they permit you to float down to the lower rate if you're locked in. Check with the bank. Also, if you're locked in at Bank A and Bank B has a lower rate, I believe you can always just cancel your application with Bank A and lock in with Bank B. Thus, given the possibility for float down or going to another bank, usually, the risk associated with locking in is minimal. The biggest potential problem can lie if the lock period is too short and your lock expires before you close. If the rate has jumped, you may be at the whim of the bank as to whether they will extend your rate or not (and usually, if they do, only for a fee). Thus, make sure your lock period is long enough to get you to your closing 30 days (an often difficult proposition when you are buying a coop and need to wait for board approval mind you). If it's going to be close and you have the option of paying a couple of hundred dollars to get a longer lock at the get go, do it.

Sorry - should read "make sure your lock period is long enough to get you to your closing date PLUS 30 days"