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Lock rate experation
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michelo965
Posted 9/2/2009 2:41 PM (#2017)
Subject: Lock rate experation
Posts: 1
I was given a lock from a mortage broker for 30 days. Yesterday they called me and indicated that they will not be able to close before the lock experation date and that it would cost me more 1/2%.

Question:
1. Is the origination fee where the 1/2% will be added to or is it the loan rate where the 1/2% will be added to.
2. Can I get out of the lock since they told me that they could'nt complete it within the 30 lock period. They didn't give me a reason why they won't be able to finish the loan process.
3. Can I find another lender that will lock in a loan and be able to process the loan in the allotted time?
If so is it ethical for me to go to another lender before the lock has expired.
4. Will they charge me a fee for opting out of the lock prior to the lock period even though they can't complete it.

The loan is in Colorado does every state have their own lock provisions?

Thank You,

liverichly
Posted 9/16/2009 4:50 AM (#2021 - in reply to #2017)
Subject: RE: Lock rate experation
Posts: 11
1. The origination fee, not the rate, will be affected by the rate extension.2. What do you mean, "get out of the lock", do you mean go with a new lender? Yes you may. Locking the rate in is just locking the rate in with that lender, it does not lock you into doing the mortgage with that lender.3. You can, but depending on the complexity of the situation it still might be quicker closing with your current broker... it's also 2 weeks after you posted.4. Unless you signed something stating there would be a fee for that, nope you will not get charged (or if you do get charged you won't have to pay it)Each lender has their own lock provisions, doesn't have to do anything with the state the property is in.
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