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Old 04-16-2015, 10:57 PM
 
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My wife and I are buying our first home and we are going through a broker. On March 26, we signed an Interest Rate Lock Commitment that said our rate of 3.5% and points were guaranteed until May 24, 2015. We are supposed to close on the 23rd of April (next Thursday). Our broker called us this week and said our rate went up to 3.625% because interest rates just went up. He claims the 3.5% was just a "floating" rate, even though it says it was guaranteed until May 24th. Can he do this? I feel bullied by this. We now have to move out of our apartment and feel like we are stuck with anything this guy is trying to throw at us. On top of that, we have already paid $1000 towards the down payment, the assessment and the inspection fees.
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Old 04-16-2015, 11:03 PM
 
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I am now seeing Rushmore Loan Management Services (the actual lender) has all terrible reviews. What are the consequences of trying to go with another bank this late in the game?
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Old 04-17-2015, 07:21 AM
 
Location: MID ATLANTIC
7,607 posts, read 17,664,631 times
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The lender is required to give you a lock-in letter at application, spelling out your financing terms. What does your lock agreement say?

When someone buys a home so much is thrown at a buyer, it's so very easy to confuse what you think you heard. For this reason there are laws spelling our your lockin and certain documents must be in writing. At the end of the day, it's what's in writing that matters.
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Old 04-17-2015, 07:58 AM
 
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The Interest Rate Lock Commitment sheet we signed on 3/26 says it is a fixed rate purchase, 15 year term with a 3.5 percent interest rate. It says discount points are 0 percent of the loan amount with 0 percent total points to be paid by april 16. Then it says expiration date: the above rate and points are guaranteed until May 24, 2015 which is the expiration date of this commitment. If your loan does not cllose by this date, we have no obligation to honor the terms of this agreement.

Rushmore just sent us a good faith estimate yesterday for 3.625 percent. I don't know what the point of signing this interest rate lock if they can just change it
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