Bank changed my mortgage rate (loan officer, 2013, fee, rate lock)

[JenniferGS]

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?

[SmartMoney]

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

[Electrician4you]

What is the difference in your old vs new rate?

[thelopez2]

Was it a purchase or refinance?

[Bette]

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.

[Pfhtex]

Originally Posted by JenniferGS

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?