Posted on: 06th Jul, 2009 02:22 pm
i got a quote for a fantastic refinance apr with decent closing fees. i accepted the rate, submitted all required documentation, paid for appraisal ... and now i'm just waiting to close the loan. that was early march. the mortgage broker says the lender is back-logged because of new legislation. can they decide not to do the loan after all this time (the rates have gone back up from where they were when i agreed to this loan). who is the legal authority? i live in tx and the mortgage broker is also in tx.
You are locked in. The bank or the broker will have to eat any fees associated with extending your lock. Did you sign a rate lock agreement?
Wow!! Early March you submitted your loan package and you have yet to receive a closing date?!?! One larger bank had extreme turn-around times, but we're closing loans submitted mid-April at this point even with them. Has your broker or bank been in contact with you throughout this "underwriting" period?
And as Eric stated, you are locked in (well at least you should be) and the broker or bank will have to worry about your interest rate and any additional fees associated with it. I hope this helps...
And as Eric stated, you are locked in (well at least you should be) and the broker or bank will have to worry about your interest rate and any additional fees associated with it. I hope this helps...
