Posted by Terry (Houston) on September 24, 2004 at 20:49:23:
? Why the question mark? Don’t like the answer? I guess the real question is how would any of us know what YOUR lender might do when we don’t know who the lender is or what the terms of your lock are? We did not sign anything, you did. What does it say?
Can you go to another lender to get a lower rate? Sure, it happens all the time. Will you get a lower rate? Have you done anything to maker your credit worse?
Will they charge you a fee? I don’t work for them, did you sign anything that said they could?
Will they sue? Don’t know. I have not heard of it happening but who knows. Today people can sue for anything can’t they?
Bottom line, ask them, if I went with another lender wat would happen? And if you don’t like the answer ask them to show you in writing where it says that is what will happen.
Rates have gone very low after I locked my loan 60 days ago with mu bank.
Can I quit thier loan and goto another lender to get the lower?
Will they charge me a fee or sue me? Appraical is done already.
Re: low rate tafter lock.Can - Posted by Terry (Houston)
Posted by Terry (Houston) on September 24, 2004 at 18:29:58:
Why not ask them what would happen if you wanted the lower rate, would there be an additional fee?
What if you dropped them? Could you get qualified in time to close the loan according to the terms of your contract?
Most of the time you just have to ask and they will tell you what the ramifications are. Or if they can just work with you to lower the rate. Each company may be different.