My Account
Report problem with this ad
Start a related thread
Start a related poll
Reply via Boardmail
Jul 12, 2017
11:16
:19
am
cougsrule
All-American
the investor is committing to you a certain rate, so you should be committed.
Start a related thread
Start a related poll
Reply via Boardmail
Report problem with this ad
cougsrule
Bio page
cougsrule
Joined
Apr 9, 2009
Last login
Jun 10, 2024
Total posts
6,410 (26 FO)
Report problem with this ad
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
Report problem with this ad
Posting on CougarBoard
In order to post, you will need to either
sign up
or
log in
.
Report problem with this ad
