Posted on: 13th Dec, 2010 05:34 pm
My wife and I have locked in a rate for 90 days on September 8, 2010. everything is done to this point. All they have to do is set a date and close.
Is there a time limit that the company has to legally adhere to? If so what is that time? What is the penalty for not meeting that time? Who do we report them to?
Thnks for any information you can provide.
Is there a time limit that the company has to legally adhere to? If so what is that time? What is the penalty for not meeting that time? Who do we report them to?
Thnks for any information you can provide.
Hi detgg!
Welcome to forums!
The mortgage company should close the loan within the rate lock period. This will help you in receiving the mortgage at a rate which you've locked. If the rate lock period is expired, then you will get the mortgage as per the present rates available in the market.
I don't think there is any penalty for not closing the mortgage within the rate lock period.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The mortgage company should close the loan within the rate lock period. This will help you in receiving the mortgage at a rate which you've locked. If the rate lock period is expired, then you will get the mortgage as per the present rates available in the market.
I don't think there is any penalty for not closing the mortgage within the rate lock period.
Feel free to ask if you've further queries.
Sussane