Make sure your rate lock request is in writing next time. Verbal agreements are tough to enforce, especially in banking.
Vaughn said:
Make sure your rate lock request is in writing next time. Verbal agreements are tough to enforce, especially in banking.
Lesson learned. I’ll make sure all future communications are documented.
I experienced something similar with another lender. It’s frustrating, but moving to a more reputable lender was the best decision for us.
This definitely sounds like a bait and switch. I’d suggest finding a new lender who values transparency and customer service.
Dara said:
This definitely sounds like a bait and switch. I’d suggest finding a new lender who values transparency and customer service.
Be cautious with accusations of bait and switch. Ensure you understand the terms and conditions fully before jumping to conclusions. It could be a misunderstanding or miscommunication.
Regarding your credit, multiple mortgage-related inquiries within a certain timeframe are only counted as one for scoring purposes to encourage rate shopping.
Did you pay any fees to lock in the rate? Some lenders charge a fee for rate locks which should be detailed in your initial agreement.
Check your loan estimate and other documentation. If the rate was supposed to be locked, it should be clearly indicated. If there’s a discrepancy, it could be grounds for a complaint.
You need to specify the rate in question for better advice. Working with a mortgage broker might give you more options and clarity.
What state are you purchasing in? Mortgage laws can vary, which might affect your situation.
You should definitely look into switching lenders. There are many reputable loan officers out there who could help you better.