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Old 10-20-2013, 06:51 PM
 
1 posts, read 1,159 times
Reputation: 10

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I signed a mortgage rate lock good for 60 days. It expired, but the paperwork says that if it expires "you will be required to pay an extension fee and your rate will stay the same." I was told by my broker that the rate had gone up, and he mentioned nothing about this clause in my previous contract. I signed the papers and closed on a higher rate this month. Is there anything I can do?
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Old 10-20-2013, 07:59 PM
 
Location: MID ATLANTIC
7,603 posts, read 17,648,062 times
Reputation: 8099
I am sure you know what is coming - you never should have closed if you weren't satisfied. You can file a complaint with the Consumer Financial Protection Bureau - they are a new agency and the new sheriff in town. I'm not sure they will be much help post closing, but if you have your ducks in a row, who knows? Personally, I think you missed the boat, but this is all new to us.

Submit a complaint > Consumer Financial Protection Bureau
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Old 10-20-2013, 09:51 PM
 
16,524 posts, read 17,581,310 times
Reputation: 23640
What is the difference in your old vs new rate?
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Old 10-20-2013, 10:42 PM
 
Location: Southern California
4,350 posts, read 4,942,333 times
Reputation: 2129
Was it a purchase or refinance?
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Old 10-20-2013, 10:46 PM
 
Location: Boca Raton, FL
4,853 posts, read 8,328,369 times
Reputation: 5488
I'm a mortgage broker in Florida - here is my question - did your loan officer discuss the extension fee with you?
Was this a large bank?

PS - Rates have improved quietly since 09/18/2013 FYI.
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Old 10-21-2013, 10:14 AM
 
3,322 posts, read 7,264,972 times
Reputation: 4105
Quote:
Originally Posted by JenniferGS View Post
I signed a mortgage rate lock good for 60 days. It expired, but the paperwork says that if it expires "you will be required to pay an extension fee and your rate will stay the same." I was told by my broker that the rate had gone up, and he mentioned nothing about this clause in my previous contract. I signed the papers and closed on a higher rate this month. Is there anything I can do?
Why did you close? Why are you bringing this up now?
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