Who Can Lock My Mortgage Interest Rate

by Linda from Seattle, Washington USA

Ask Kate who can lock my mortgage interest rate: Hi Kate, Can the mortgage company lock my interest rate without my permission? I'm trying to refinance my mortgage with my current lender. I sent in the documents they requested (tax returns, bank statements, etc). I didn't hear back so I contacted them to find a status.


Linda continues... They said my refinance had been approved and gave me the interest rate. I was shocked. I never said I wanted to lock in at a specific rate.

The lender is stating that I locked in by the disclosure documents like the Uniform Residential Loan Application and the Truth in Lending. I didn't want to lock in yet and thought that's what the Lock In Agreement was for.

What do I do now so that I'm not locked in at the rate that was available when I applied for the refinance?

Kate Answers: Who Can Lock My Mortgage Interest Rate

***zz-portrait-left.shtml*** Dear Linda, Don't sit back!

Neither accept this as, oh well, it's just a lender's normal operating procedure!

Here's what you do! Phone your contact and request the written document with your signature (and the lender's) verifying that you requested a mortgage rate lock.

Where's the Mortgage Rate Lock Agreement

And yes! You are absolutely right about the correct document being a mortgage rate lock agreement. Go here for details on the disclosures that must be provided to borrowers BEFORE locking at Mortgage Lender Fees - Get 'Em In Writing.

Can My Mortgage Interest Rate Be Locked Without My Consent

But before you call you lender contact, Pat in Belhaven, North Carolina asked a similar question. Go to her letter at Can My Mortgage Interest Rate Be Locked Without My Consent where you will find a list of questions to help you get to the bottom of this.

Kick and scream if you have to until you are satisfied that either
  1. You signed a document instructing the lender to lock in the interest rate.
  2. Or, it was decided without your permission to lock in your mortgage rate.
Good luck. Be tough. Do not doubt yourself. Insist on being treated fairly.

Best wishes, Kate

PS If you think this is an isolated problem, go to Ask Kate about Mortgage Rate Lock I and Ask Kate about Mortgage Rate Lock II.

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Interest rate increase before actual closing date
by: Jacqueline P. in Chicago, IL

My husband and I are 5 days away from our closing date. We were told we would have a 3.875% interest rate a month ago. Our closing date was scheduled but moved up two days.

Today our mortgage rep calls saying because the housing market went up, we have two choices. Accept an increased rate of 4.75% and getting a $1350 waver on closing fees. Or accept a rate of 4.375% with no waved fees.

My question, can they do that suddenly? Can they change the interest rate?

Hi Jacqueline, Kate here...

When rates rise, this behavior among lenders is extremely predictable! And it really makes my blood boil!

No! A mortgage company cannot decide to offer you another rate after yours was locked!

I do hope in addition to being quoted the rate of 3.875 that your rate was officially locked and that you have a signed written mortgage rate lock agreement.

It wil be more difficult if you don't but I wouldn't roll over and accept that you have to go with a higher rate or pay those fees.

The same advice I gave to Carlos holds true for your situation. Go for it!

Best wishes, Kate

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