Profile picture for William Adams III

William Adams III

Lender

Finance Officer (26 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (4 Contributions,
  • 1 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

What action I can take against a bank if my lock rate in expires in NJ

Best Answer

A good mortgage broker or banker would have explained to you any problems they were having with your loan.  Even in today's market they should have closed it within 57 days.  60 days minus the 3 day right of rescission (spelling may be off).  They can deny your loan but must send it to you in writing.  Did they?  Did you pay for locking your rate?  Do you have something in writing that they locked the rate?  Another option for the bank/broker would have to pay for an extension on your rate lock. That would have been good business. Something must have happened whereas your loan did not work for one reason or another.  To many questions, I would have to ask in order to figure it out.  If all was well, the only option you would have now is too switch to a 5/1 ARM to still get a very good rate.  Or wait until the rate drops again. You can email or call me directly if you would like help.Regards, Bill

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