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Can i get out of a lock in rate with out signing any paper?

Hello -
So i asked the broker to tell me todays rate and that we should lock in soon. So he gave me a rate of 3.98 and said what i thought. I asked his opinion if i should lock or wait. He said i should lock in and said email back and confirm you want me to. I didnt reply for a few hours. I got an email from him stating that he locked it in for me because the rates were going up. So i said ok.

Now i got another broker calling me and providing a 3.75% with no cost and 3.99 with a refund which would pay for my closing. Do i have any options? While the broker i have been working with helped me improve my score etc but i feel a bit cheated.

Your input is greatly appreciated.
  • June 04 2012 - US
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Answers (5)

Just muddying the waters...  LOL  just go with the first guy who is helping yyou. This is not rocket science, we all fish in the same pond. Clients make so hard on themselves..
  • June 19 2012
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Profile picture for Go Huskers
First of all, make sure you are comparing apples to apples. It sounds as if you are comparing an APR to a note rate. There is no such rate as 3.98% so find out what the first person was actually offering you and if it included any credit for closing costs. As for the other rate, just because Joe blow says something on the phone doesn't make it so. 
  • June 05 2012
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Work with the person that you trust most.
  • June 05 2012
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Profile picture for shapiroamg
It's best to understand that rates can change daily and sometimes hourly. Rates hit a low at the end of last week. Monday the bond market pulled back and rates are higher than they were on Friday. Today the bonds opened weak again. Expect rates to potentially be a little higher today.

Fwiw your broker was correct yesterday in advising you to lock.  If you are offered the same rate today cash your chips in and take it.  
  • June 05 2012
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Go for the best rate. They will just consider it a dead file. What's the scenario? I can send you rates.
  • June 04 2012
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