Rate cuts. Should I hold off getting this loan?

[Curtis H.]

Hello all, 

So I'm under contract for a property worth about $400K, and right when the loan agent sent the loan disclosures over to sign, I see the news about the rate cuts. So I held off signing anything. 

Naturally he's trying to persuade me to move forward, but I know there is no reason for me to rush. A couple days won't hurt while I get the right answers. When I asked about it he said there was a "insurance policy" like feature where if the rate goes down greater than a quarter point it will adjust the loan. But I said that sounds like trickery because if the rule is GREATER than a quarter point I'm protected, then that means there would have to be a half point rate cut, which will likely not happen.

Should I sign, shop for lower rates, or what? He says the mortgage rates are already accounting for rate cuts, etc. and that one doesn't necessarily mean it will affect the other.

Mortgage peeps, what are your thoughts on my holding off signing the loan disclosures in hopes for a quarter point better rate? 

[Curtis H.]

@David Espinosa

I hear you but I've given this guy 3 loans totaling almost $800K, and I think he's called me twice total. Said "thank you" zero times. It's the easiest money he's ever made actually. Truth be told, I'd get much better service from someone fighting for my business. So I'm not worried about him knowing I'm "professional" in the least. I also don't think he would fight one second for me to get a loan in a non "cookie cutter" situation. But, he has all my info, he does his job efficiently, and it's hassle free. So I go back for my own convenience really.

It sounds like for the most part I should just move forward from what most are suggesting. I'll just tell him if rates drop between now and when we close, I expect to get the better rate with all the business I've given him. If it happens, great, if not, then no biggie. I just did the calculation and it's actually more important I refinance my primary home asap. I can save $250 a month on my mortgage!