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Profile picture for carmelaenza

unlock -when at 545p (after hours) we asked to lock in a rate..

hello just want to know my rights to unlock a rate.. we verbally told the mtg broker to lock our rate at 545p est. and then decided it was not the best idea -we can't afford the points.  how are we obligated? dont we have some buyer's remorse time? ..it was after hours.. thank you.
  • March 25 2009 - Nassau
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Answers (5)

Profile picture for MagicalHouse
Your not obligated, but talk with your broker and see what else he can offer.  You can always walk away if you don't like what you hear.

I thought Greg Darlin was boycotting the threads?!?!?!?!
  • March 25 2009
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Profile picture for The Mortgage Mark
Most lenders allow you to lock into that pricing at the time of the lock.  So if you cant afford the points.  You would be able to take a higher rate but keep the same pricing you locked in at less or no points. 
  • March 25 2009
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Profile picture for Ken Kopper
Greg Darlin. HOLY! were you in a coma or something?
  • March 25 2009
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If you ask your broker to lock then change your mind, you are under no obligation at all.  However, when you back out of a locked rate, you are really dumping on the broker.  Pull through ratios are very, very important in this business: percentage of locked loans that go to settlement. 
  • March 25 2009
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You can have your broker use a different lender that they havent locked with but you may end up with a higher rate.

What points cant you afford? Is this a refinance?
  • March 25 2009
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