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Updated over 1 year ago,
Lender not honoring the original rate
I signed "Uniform Residential Loan Application" on May 18, 2023, and locked in a 6% conventional loan mortgage rate with 0 points. On Friday June 16, 2023, one business day before the closing date (closing is 6/20/2023), the lender sends me the final Closing Statement which says the rate is 6.375% and the point is $3,785. The lender says the point is refundable but I need to pay on the closing day. With regards to higher mortgage rate, apparently I had some issues. The other items were also higher - the appraisal report and credit report fee were $300 higher than the original estimate. During the whole month, the lender did not tell me the rate was changing and the fees were going to be higher. Is this legal? Is there anything I can do to make the lender honor the original rate and no points and pay lower appraisal/credit report fees? If the point is really refundable, that will help, but this lender's practice is so shady and I'd rather not fund it upfront.