Mortgage Rate Lock Avoiding Hidden Fees

by Mark from Mount Juliet, Tennessee, USA

Regarding mortgage rate lock and avoiding hidden fees: My wife and I went to closing this past Friday. We received a Good Faith Estimate for 4.5% and no points. When we were at closing we were hit with 4.5% and 1 point. Is this legal?

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Kate Answers: Mortgage Rate Lock - Avoiding Hidden Fees

Dear Mark, Let me state this clearly. I hate the practice of non-disclosure. Mortgage borrowers deserve better. This common practice is unethical and immoral.

Mark, you know I have to say this. I am not an attorney, cannot give legal advice and laws differ from state to state.

Whether you decide to bite the bullet and continue with closing the transaction or stage a protest refusing to close until the 1 percent fee is removed, here is the point. Did you receive a written Mortgage Rate Lock Agreement? Does it correspond to your written Good Faith Estimate?

For fear of sounding like a broken record, all mortgage borrowers MUST demand written Good Faith Estimates and written Mortgage Rate Lock Agreements. Period!

I'm reading of accounts like yours on a daily basis. That's why I keep speaking out about the non-disclosure of mortgage rate lock. So read the following articles I have recently written. When you're finished, please let me know if you have more questions.

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

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And last but not least, on my other website Understanding Mortgage Closing Costs

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Best Wishes,

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

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