Bank error not in my favor - Do not pass go

[Ryan G.]

I may just have to chalk this up to a lesson learned, or decide to get a new banker on my team. Tell me what you think.

So, I went to finance a house and my banker(who I've done 2 other mortgages with) asked me if I wanted to lock in the rate. I responded in a way that apparently confused the banker by saying,  "Yes, please proceed. By the way, what are the 15 year rates today versus the 30 year rates?", which subsequently led my banker to not lock in the rate. I signed the 40 pages of documents, and missed that small, singular checkbox on page 20 which said the rate wasn't locked in.

Fast-forward 1 month to today, 3 days prior to closing, and to my surprise the interest rate on the loan closing is 1% higher than what was originally discussed, costing me tens of thousands of dollars over the life of the loan! I know it's legally, perhaps my mistake for missing the checkmark on the excessive documentation sent to me, but I feel it's my banker's fault. I'm thinking of finding a new banker, what do you think?

[Mary M.]

Well its your responsibility to read the documents you sign. At the very least read the parts that are unique to your deal. 

I have sat for hours at the closing table going over every single items on my 6M deal. I found mistakes so it is worth the time. 

And yep, when i have not taken the time to review each relevant entry mistakes have been made. I know it sucks. It really does. But this is how we learn. You will catch the next mistake is my guess.