Profile picture for user3938896

locked rate

I locked in a rate end of November, till mid January. Well that's what I thought. I received a GFE, saying so. We have some frustrating delays with the contract.
Now the mortgage broker is saying the bank will cancel the rate, if we don't show a signed contract next week. Is this possible?
  • December 20 2013 - Brooklyn
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Answers (3)

Profile picture for Brookstone Mortgage
This was obviously a pre-lock. A pre-lock is when the lender locks your rate prior to receiving your file. Most pre-locks require delivery of the full file within a certain time limit. That limit may vary by lender but if the file is not delivered, the rate lock will be cancelled regardless of the rate lock period. 
  • December 20 2013
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Profile picture for user3938896
The seller is holding everything up somehow (we've been waiting on them to send a signed copy back). My Gfe says the rate is locked till mid january. Why cut it short now? Why locking rate in for more than a month if they won't hold it?
  • December 20 2013
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So where is the signed/accepted contract? If you were fortunate enough to get a rate lock before you actually produced an accepted contract, then you are very lucky! If you didn't have a signed contract, then the appraisal couldn't be ordered, right? This is a key part of your loan approval. You have an obligation to provide the documents necessary for the lender to get you approved in a timely fashion. If I hadn't received your contract by now, and the rate lock was expiring, I would warn you of the same impending doom re the lock.
  • December 20 2013
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