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?
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.
And last but not least, go to Understanding Mortgage Closing Costs
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