Get Mortgage Rate Lock In Writing

by Tim
(Crossvile, TN)

Ask Kate: Why you must get a mortgage rate lock in writing Kate, I applied for a mortgage refi on April 3rd. On April 11th, I was ok'd and given a rate of 4.5 percent. On April 16th, I received an email from the broker stating that his office had moved and he was going on vacation for a week.

On May 1st, I received an email stating my appraisal was sufficient for the loan amount.

When I heard nothing on May 18th, I sent an email to the broker for a status since he had previously stated we would close in late May. He responded that his office was swamped and that they had not even begun working on my loan. He instructed me to make my June payment and settlement would occur in June.

He wrote, "Don’t worry your loan and lock are good."

Then on June 8th, he sends an email to apparently all his clients stating rates had gone haywired and he is putting all loans on hold to await lower rates. I emailed him that I was locked and he replied that he did not lock my loan because he felt confident rates would not change. Now he is refusing to honor the locked rate.

Who do I need to contact to get him to honor the rate? He is a broker with a national bank. Any helpful suggestions would be appreciated.

Get Your Mortgage Rate Lock In Writing

Dear Tim, Your mortgage rate was never locked. That is the shocking truth.

Everyone should listen. Tell your friends. If you do not get your mortgage rate lock in writing, you do not have a mortgage rate lock agreement. In other words, your interest rate is not locked.

Tim, I am going to repeat this. If a mortgage rate lock is not in writing, you have no way to prove a lock agreement.

Mortgage lending is in a sad state of affairs. Just like you, many mortgage applicants get verbal confirmation of mortgage rate lock but never receive it in writing. And this is how a mortgage rate of a lifetime slips through a borrower's fingers.

I'm tired of seeing homeowners cheated out of the best mortgage rate, the rate they thought they locked. So, I have written two articles today to help you and other homeowners take control of locking mortgage rates:

Mortgage Broker Fees - Get 'Em In Writing, Writing, Writing

Yield Spread Premium - Say What?

Don't miss the links at the bottom of the page for more help with mortgage rate locks.

Take a moment to bookmark Get Mortgage Rate Lock In Writing to your favorites and visit often for more tips to getting your best mortgage rate. You can also invite friends to comment on this page or ask another question of their own like you did.

Best Wishes,




P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

Finding The Help You Need For Locking Rates

My Interest Rate Lock Guarantee - Help for timing your rate lock.

The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.

All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!

How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.

Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.

Questions to Ask BEFORE You Lock

Ask Kate about locking - Ask a question and get an answer from Kate.

Search Readers' questions and Kate's answers at Mortgage Rate Lock Center

Return from Get Mortgage Rate Lock In Writing to Get Your Best Mortgage Rate

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