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My Mortgage Loan just came out of Underwriting “Approved” this past Thursday. The vert next day, my Lender calls, and says the Rate expired?

He says hes going to wait to see if the rates fall by Monday, or that I’m going to possibly have to pay a point higher? That would completely change the Loan, the payment, and have to go back through Underwriting, RIGHT??

I’m SO MAD I don’t know WHAT to do. I’m too far along, this is my VERY FIRST home purchase, and I have NO IDEA what may happen.

We have now been in Escrow over 45 Days. This Lender doesn’t seem to know WHAT the heck he’s doing, and his explanations are TERRIBLE!!!

HELP!!!
The rates have not fallen, so what is going to happen with my Loan? Still haven’t heard from Lender.

1 Thought on What happens when my Mortgage Rate Lock Expires?
  1. Reply
    thevoiceofreason2b
    February 5, 2014 at 2:09 pm

    When your Mortgage lock rate expires the lender has the right to re-adjust the rate, perhaps down, most likely up. It sounds like your mortgage broker actually DOES know what he is doing, he is screwing you. He lured you in with a low rate and now is going to bump it up now that you think it is too late to do anything about it.

    You should find another broker or bank or credit union and start the process again.. like right now. You gave the first guy the paperwork and just gather it again and try somewhere else. You may not actually get a loan with the new company, but it will keep the original bonehead honest. Even if you have to pay a new bank $ 250 to get a new quote, saving 0.1% on a loan will save you $ 7,000 over the life of a 30 year loan.

    -luck

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