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

Jul 12, 2017
12:33:30pm

buffgato Starter

When we were doing this, it seemed like getting answers out of these guys was like pulling teeth, plus it was sort of awkward to ask the lender about shopping around

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buffgato

Bio page: buffgato
Joined: Jan 12, 2015
Last login: May 10, 2020
Total posts: 11,644 (41 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

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