Refundable Mortgage Lock In Fee
by Melissa C.
(New London, PA USA)
Ask Kate about Refundable Mortgage Lock In Fee: Hi Kate, Is a mortgage company required to return a paid lock in fee if they ultimately decide that your house cannot be financed, by their standards?
Since they are the ones that canceled the mortgage (due to a spot of mold being discovered), do I have a shot at recovering my funds? Thank you.
Kate Answers: Refundable Mortgage Lock In Fee
I wish I had an exact answer but mortgage companies have varying policies regarding refunds. However one would certainly hope they would refund the lock in fee if they cancel your loan!
The only way to know for sure is to get a signed mortgage rate lock disclosure when you lock in your interest rate. There is no reason a homeowner or home buyer should settle for anything less. Don't miss the scoop on this at Nitty Gritty Mortgage Interest Rate Lock
And speaking of fees and disclosures, here is how to avoid hidden fees when you lock mortgage rates
over the phone.
Melissa, one more thing. I'd like to hear back from you. Let me know if this page was helpful to you. Comment here on Refundable Mortgage Lock In Fee
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