There are strings if you switch. You have to reimburse the mortgage company

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Jul 12, 2017
11:25:53am

Pick-Six Coug 3rd String

There are strings if you switch. You have to reimburse the mortgage company

for any costs they have incurred like appraisal, credit reports, etc.

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Pick-Six Coug

Bio page: Pick-Six Coug
Joined: Aug 11, 2016
Last login: Jun 17, 2024
Total posts: 4,036 (200 FO)

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Messages

Author

Time

What does it mean when you verbally tell the mortgage guy to lock the rate?

Paco

7/12/17 11:13am

the investor is committing to you a certain rate, so you should be committed.

cougsrule

7/12/17 11:16am

Someone correct me if I'm wrong

XORCoug

7/12/17 11:16am

Locking is a commitment so don't lock if you aren't done shopping.

cougsrule

7/12/17 11:17am

I agree 100%, but strictly from a contractual standpoint

XORCoug

7/12/17 11:19am

There aren't. You have no obligation to accept a loan from anyone.

PGVikingDad

7/12/17 11:20am

No there aren't. You can back out, but you should be done rate shopping.

cougsrule

7/12/17 11:21am

It seems like a non-refundable fee would be a better way to go.

Paco

7/12/17 11:38am

Just don't lock until you are done shopping. It's that simple.

cougsrule

7/12/17 11:55am

Weird system. Maybe it makes sense to people in the industry.

Paco

7/12/17 12:29pm

Mostly I think the realtors/lenders could stand to communicate this stuff better

buffgato

7/12/17 12:33pm

There are strings if you switch. You have to reimburse the mortgage company

Pick-Six Coug

7/12/17 11:25am

This. We went through this exact scenario a year ago

buffgato

7/12/17 11:42am

I stand corrected. Thanks.

XORCoug

7/12/17 11:45am

I dealt with this last year. I locked just before the Brexit vote and when the

SpecialT

7/12/17 12:16pm

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