Browse Our Site:
Search Mortgage Library:
Types Of Mortgage Loans Mortgage Lender Directory  +  Mortgage Calculators  +  Mortgage (ARM) Indexes Mortgage Market Survey
+ Find The Best Mortgage + Ask A Mortgage Related Question  +  Articles And Publications  +  Mortgage Glossary + Search Mortgage Rates +
Credit Grade Guide Historical Mortgage Index Data  +  Historical Mortgage Rate Data  +  Home Interest Rate Trends

Mortgage-X Forum


Mortgage-X Forum
Mortgage-X Forum
Search Forums |
You are logged in as a guest. ( logon | register )


Mortgage Consultant won't lock my interest rate
Moderators: Mortgage-X

Jump to page : 1
Now viewing page 1 [25 messages per page]
   General Questions-> Mortgage Loan FeaturesMessage format
 
Anonymous
Posted 1/18/2009 4:31 PM (#1917)
Subject: Mortgage Consultant won't lock my interest rate

I am in need for some guidance. I am working with a mortgage consultant from a reputed bank to refinance my loan. The person provided me with Good Faith Estimate, Truth in Lending Disclosure with the interest rate that I like. Without taking more risk, I want to lock this rate. Even after repeated pursue, he has not locked the rate. He keeps telling me that he expects the rate to go down more and would lock it at the right time. He think we have a lot of time due to 60 day lock period. According to him, I am covered for the rate documented, it is he who has to find the right timing. Since, that time, the rates have gone up and I am afraid that one day he is going to call back and say that the GFE/TIL rates are no longer valid or I would end up seeing different rates at the closing leading to chaos. Should I trust him and assume that I would be 100% guarantee on the TIL rates and it is his or his company's headache to lock at the right time? Do I have any course of action on his word?
jmartin4955
Posted 2/16/2009 5:30 PM (#1928 - in reply to #1917)
Subject: RE: Mortgage Consultant won't lock my interest rate
Posts: 3
Personally, I don't like locking until the borrower tells me when, it is too much responsibility on my part. There are no guarantees in this market and if you see a rate you can live with, pull the trigger. You can always take out another loan application as a back up for your own safety.
Jack Martin
Greg Phillips
Posted 2/19/2009 9:46 AM (#1933 - in reply to #1917)
Subject: RE: Mortgage Consultant won't lock my interest rate
Posts: 6
Location: Chillicothe, Ohio
If you want to lock the rate then the rate should be locked. No there is no guarantee. The only guarantee is when your rate is locked. It will be that rate for the number of days you lock it.

I would find a new broker who will lock the rate when you want it locked. Possibly ask for a supervisor and explain the situation too. That is your choice to make.

NickJ2000
Posted 6/21/2009 9:57 PM (#1972 - in reply to #1917)
Subject: RE: Mortgage Consultant won't lock my interest rate
Posts: 6
That is true the Brooker is supposed to be there to help you. By the sounds of things thats not happening in the least bit, talk to a supervisor if that doesn't work find a new brooker.
Jump to page : 1
Now viewing page 1 [25 messages per page]
Jump to forum :

Running MegaBBS ASP Forum Software v2.0 © PD9 Software


Mortgage professionals are welcome to participate!
Home  |  For Lenders  |  Contact Us  |  Disclaimer
Mortgage-X is an independent information service and is not affiliated with any lending institution.
Copyright 1998-2009 Mortgage-X.com
All Rights Reserved


(Delete all cookies set by this site)