by Terri
(Salem, MA USA)
Regarding Locking Mortgage Rates:
Kate, I am in the process of refinancing my condo. When I locked in the interest rate, I was not told that I would have to pay a Mortgage Rate Lock Fee. I just received the documentation from the lender and to my surprise the rate lock fee is $2,050.
Is this fee equitable, or what? The locked rate is 4.875% for 30 years.
Also, I asked if the mortgage is going to be sold or remain with this bank. I was told it would remain. Now I find that they want me to sign a document that would state that they could transfer this mortgage.
This is my local bank so I thought it would be a good place to start. I'm not so sure now.
Any advice would be appreciated.


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