Fed Cut Interest Rates - Closing April 1st?

[Timothy W Hanson]

I am scheduled to close on a Trailer Park (All tenant owned homes) on April 1st. 

The current lender sort of threw a curve ball into the mix a week ago by changing the amortization from 20 years to 15 years. The cash flow still would be (true net) of $4000 per month. However the interest rate is 5.24%. 

With this change, I am thinking of letting the buyer know that the lender changed terms on amortization. And then shopping around the loan. Do you believe the Fed cutting interest rates to near 0% could be taken advantage of here? 

I plan to reach out to a different lender tomorrow to begin this process and will report back my results. 

[Shane Jeanfreau]

I am locked in ( 3 weeks ago ) on a 38 TOH park for 500k with 5.24% 15yr fixed 5yrs. Im calling him again tomorrow to try and get it fixed longer maybe 7-10yrs. I know the rates can be lower because I have another bank calling me every other day to jump to his bank.