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RATE LOCK BY EMAIL?

About a week ago I sent an email to my LO asking to lock my rate at 5.5% with 1.0 point. The LO replied and said he would be sending paperwork for the lock which i was to sign and return. A week went by and no paperwork. I emailed again to find out where the paperwork was and he apologized and sent it by email. My question is ... Am I obligated to the lock of my loan at 5.5% and 1.0 point or can I request the lower rates that we are seeing now since I never signed a lock agreement.
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June 17 2009 - Gurnee
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Profile picture for Optimus012
Why didn't you just call him?
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June 17 2009
Profile picture for cwart
I am in the military and was not able at the time.
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June 17 2009
The lock in agreement is usually sent as a confirmation that the rate has been locked not permission too lock.
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June 18 2009
During the mortgage process, you are not obligated to do anything until you sign the documents at closing.  If you do not like the service you are getting, then walk away and consider working with a different lender.

If you have signed an agreement to pay the mortgage company an application fee, and you have paid that fee, you will not get that money back.  However, that does not mean you cannot walk away from the deal if you don't like the service you are getting.
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June 18 2009
Hi,
Please know that you are not obliged on anything concerning a mortgage until you are issued, and accept, a Final Commitment.
If the Lender was to obtain a signed Rate Lock form and did not send it, you are not bound to the initial rate.
As a P.S, your Loan Officer should have automatically offered you the lowest rate at the time of the frate lock orm generation, not at the time of the verbal rate opinion (because until the form is signed, it is basically an opinion).  If he didn't that should be a red flag as to the character of your Loan Officer.
Please shop around, not just for rates, but also for costs, and be careful, this is a 30 year marriage, so please choose the best fit for you.
Sincerely,

Nike Fasanya, CMC
President 
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June 26 2009
When my buyers go to lock a mortgage I recommend before they lock that they ask the lender if they are willing to go down if the rates go down.  I deal with 3 reputable local lenders who do this. Also, they should not charge you anything, everything should be part of the closing costs.
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July 15 2009
Cwart,
I suggest you move on to another lender.  If your current one stated you were locked, he has to send out the loan package with the TIL and fee disclosure within 3 days.  This has not happened.
Post a loan request on Zillow and you will find some great lenders.  The best lender for you is John Paunan.  Look over to the right and click on his picture.  After doing so, his contact information will pop up. 
Good luck.
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July 15 2009
 
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