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Old 05-04-2009, 06:06 PM
 
2 posts, read 2,619 times
Reputation: 10

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Hi All,

We are trying to refinance and have locked a rate for 30 days. The lock is going to expire in 4 more days. We have given all necessary paper work to the mortgage agent and he told us today that the underwrites are busy and so we need to pay another $200 to lock the rate for another 30 days since we cannot close.

We are finding this odd since we are having to pay $200 for no fault of ours. Is there some way of avoiding this? Or is there anyway out of this situation?

Any suggestions on what we should do??? Any inputs would be really appreciated since we are new to thsi process..

Thanks a lot.
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Old 05-04-2009, 07:50 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,557,085 times
Reputation: 1007
You should post this in the mortgage forum. But I will say this...the banks are overloaded and it is getting more and more difficult to get things done in what used to be a timely manner these days.
It's frustrating.
But...ask in the mortgage forum, they may be able to give you a couple of negotiating tools to use with the broker.
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Old 05-04-2009, 11:27 PM
 
830 posts, read 983,934 times
Reputation: 129
Quote:
Originally Posted by somegirl111 View Post
Hi All,

We are trying to refinance and have locked a rate for 30 days. The lock is going to expire in 4 more days. We have given all necessary paper work to the mortgage agent and he told us today that the underwrites are busy and so we need to pay another $200 to lock the rate for another 30 days since we cannot close.

We are finding this odd since we are having to pay $200 for no fault of ours. Is there some way of avoiding this? Or is there anyway out of this situation?

Any suggestions on what we should do??? Any inputs would be really appreciated since we are new to thsi process..

Thanks a lot.
If there is MORE money to be gained, where is the urgency to push the loan through. Refused to pay it and tell them you are back to shopping. More than likely, they change their mind. IMO, It's worth taking the risk rather than give more of my money to someone that wants to possibly milk me.
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Old 05-05-2009, 01:24 AM
 
Location: Kailua Kona, HI
3,199 posts, read 12,754,768 times
Reputation: 3414
Many lenders are overwhelmed with re-finance applications, however in light of "the economy" are not hiring more processors. Purchase transactions are being given priority in most instances where something has to give. Your scenario is not too far-fetched. Talk to your mortgage lender. Go to his supervisor if you feel like it, for more substantial reasons than you have so far. It's your money. Don't be shy about asking questions. But don't act on a knee-jerk reaction that someone might just be trying to take advantage of you personally in the situation. Verify the facts.
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Old 05-05-2009, 10:41 AM
 
Location: North Las Vegas
1,631 posts, read 3,757,649 times
Reputation: 762
Quote:
Originally Posted by somegirl111 View Post
Hi All,

We are trying to refinance and have locked a rate for 30 days. The lock is going to expire in 4 more days. We have given all necessary paper work to the mortgage agent and he told us today that the underwrites are busy and so we need to pay another $200 to lock the rate for another 30 days since we cannot close.

We are finding this odd since we are having to pay $200 for no fault of ours. Is there some way of avoiding this? Or is there anyway out of this situation?

Any suggestions on what we should do??? Any inputs would be really appreciated since we are new to thsi process..

Thanks a lot.
The underwriters are back logged right now no matter what bank you use. That mortage agent should have given you a heads up days ago. Are you working with a mortgage broker or an loan officer with a bank.

Tell the mortage person to take it out of is check, I doubt if he will but ask sometimes they will discount something to compensate you for your inconvience. You need to bug this lender everyday until this is done, just to keep your face out there. The banks are a mess right now they refuse to hire additional people, also look over your loan really closely to make sure they didn't sneak in any additional charges and that everything is agreed apon. You have to be your own advocate.
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Old 10-06-2009, 10:20 AM
 
2 posts, read 2,619 times
Reputation: 10
Thanks for your input guys!! We worked it out with the agent and he did not charge us extra..
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