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When is the rate lock official - refinance

After I provided my paystubs, banking/checking statements, etc. BoA e-mailed and confirmed my rate lock on my refinance.  When I started this process near the end of November '10, my supposed rate lock was just over 4.5% and rates have steadily ticked up to just over 5.2%.  However, I have not seen any charges on my credit card for the appraisal fee or for the credit report fee.  I have been told by phone that my mortgage was currently being reviewed by the underwriters.  How can I even tell if there really is anything in process at this moment?  Should I be shopping with other lenders just in case?  I'm not getting responses from my e-mails to my mortgage officer.  I can't imagine that e-mail could/would serve as proper documentation in case of a dispute that my lock was "confirmed".  Does anyone know?
  • December 18 2010 - Arlington
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Answers (7)

If it has been since November, chances are that rate expired, and if you did not receive a GFE, chances are they did not lock the rate. Be more active with the loan officer, be firm and demand he/she make progress with your file. Rates did get hammered a bit, but you should be able to get under 5% again depending on your situation.

  • December 22 2010
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As mentioned below get the GFE and check the top of the 1st page to see when rate was locked and if it is still locked. It probably isn't locked (anymore). If they do not respond to you find a local lender. You should not be begging them to do your loan! Move on to a loan officer that will contact you quickly and answer your questions. Good Luck.;
  • December 20 2010
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It is obvious you don't have much of a relationship with a BoA loan officer, which is why you have so many unanswered questions. It is likely to be more of the same as your loan process drags on. I would suggest you contact Andrew Adams ----->. He is in your area and can give you straight answers and a rate quote. Good news for you is that rates have leveled off over the past few days, and are back below 5% so look out for you own interest since BoA is leaving you up in the air.
  • December 19 2010
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Rate lock confirmations start as a matter of trust between your mortgage professional and you.  The confirmation of that trusted conversation and your instruction to lock your rate is confirmed by loan disclosures that are furnished to you for your review, signature and return.  You did not mention if you are in receipt of disclosures.  If so, the rate lock confirmation would be included.  If you are not in receitp, it seems strange that your file is under review but you would have not yet received disclosures for a process that began in late November.  I urge you to become very proactive with your inquiries.
  • December 19 2010
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Chris and Scott - Thanks for your responses.  OK, the lack of a GFE is probably why I'm worried.  I have never seen one.  Should I be pushing the mortgage loan officer to send one ASAP?
  • December 19 2010
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Just because you submitted an application doesn't necessarily mean your rate is locked.  Most lenders won't actually 'lock' your rate until the Underwriter has approved your file. 

I agree with Chris, as mortgage banker's we are required to make sure you know exactly when your rate is 'locked'.  Check your GFE and note the first paragraph as to whether or not your rate is or isn't locked and if so for how long. 

If the GFE doesn't say so, you probably aren't locked. 

That said, I could be wrong.  Since you said BofA emailed you your 'lock' then review that document.  i'm not completely sure how BofA operates.

  • December 18 2010
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Did you receive a Good Faith Estimate?  Under "Important Dates"  When is the interest rate good thru?  Rate lock period __ days?
  • December 18 2010
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