Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Mine had a contingency that I could back out if I could not attain financing at x.x%.
That way I was protected in case rates shot up and I could no longer afford the home? Getting a rate locked in with your lender and what your financing contingency is in the purchase agreement are two different things.
Talk to your RE agent and lawyer ASAP to clear this up!
It is amazing to me the situations people get themselves in to when buying a new house.
First of all...TAKE A BUYER'S AGENT WITH YOU. This is because an experienced buyer's agent would have made sure you were locked in before the rate when up. Obviously, when you first began the application process, the rate was lower and someone forgot to advise you to lock it in. Now the rates have gone up and you feel like you have been taken advantage of. Probably more like the mortgage person wasn't looking out for you. It isn't 100% their responsibility.
First of all...do you have a "float down"?
If you do not, talk to Pulte asap and explain to them that you simply cannot afford this interest rate. Check other lenders to see if you can get a better rate. If you can, get a good faith estimate and show it to Pulte. I've often done this and have had them agree to the lower rate.
There are a number of things you could have done and should have done but right now, you need to decide what you WANT to do. If you do not have a buyer's agent to help and advise you and you have decided to walk away from your contract, you WILL need an attorney to advise you.
It is amazing to me the situations people get themselves in to when buying a new house.
First of all...TAKE A BUYER'S AGENT WITH YOU.
I was wondering whether OP had a buyer's agent. It's starting to sound like maybe not. A good buyer's agent will be able to show you your options and help you with aggressive negotiating in and out of this deal.
Vicki's got some great advice here. Don't wait to act on them.
First of all...TAKE A BUYER'S AGENT WITH YOU. This is because an experienced buyer's agent would have made sure you were locked in before the rate when up.
Agents may be smart and powerful people (some of them) but I do believe this is beyond any level of "experience" to lock in at "just the right time".
Also sounds like the OP got the rate quote long before the house was ready to close, in which case locking in would not have been an option without a significant deposit or rate premium paid.
So while I agree with some of what you said, I do not think it's fair to issue an "I told you so" type statement with specific reference to the rate the OP was able to lock.
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