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I am going thru a local broker to re-fi my house. on closing date and said they forgot to lock rate?

The local broker company called me on closing day and said they forgot to lock in my rate and now the rate has gone from 5.00% to 5.5%. Will rates go down withn a week and what do you think of that?
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May 28 2009 - Southport
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Answers (7)

Profile picture for CORONA NICK
5.5% is still not bad... if you can easily afford it, I would go with it, but make a complaint for sure... I dont know why your using a broker anyways... go straight to the bank... brokers now are a dying breed.
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May 28 2009
Hmm first one never posted..
Truth is this. You got a bad deal..good part is you can fix this. 

Rates will go up if your not locked for a fix because the banks wont rather will tell you in a nut shell it's adjustable. 

Get out of that arrangement.

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May 28 2009
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May 28 2009
Ask how long you have until the loan must fund.  It is unfortunate what happened.  Ask if there is a float down option where you lock today to secure and the bank will decrease the rate with the market trends.
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May 28 2009
Profile picture for sunnyview
Oh Lord. Rates may indeed go down in a week, but if you were clear about your lock I would ask for a credit of some of the fees from them at the very least. Past that, you will have to decide whether to lock now or float based on your best guess about what rates will do.
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May 28 2009
Your broker should do the loan at ZERO profit as penalty for their egregious error.  Rates spiked up quite a bit and "forgetting" is not acceptable.  Did you clearly discuss at any point that you were locking at 5.00??
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May 28 2009
That is very unfortunate... You never got anything in writing that your rate was locked or floating?
I think there may be some improvement in the future, but I don't think it will recover to the prior levels that quick, if at all....
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May 28 2009
 
Related Questions
I am going thru a local broker to re-fi my house. on closing date and said they forgot to lock rate?
Profile picture for CORONA NICK
Latest answer by CORONA NICK
May 28 2009 | 7 answers
  • Asked by nothappyinNC
  • In Refinance
  • May 28 2009
Mortgage Rates
 
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