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Updated over 1 year ago,

User Stats

9
Posts
5
Votes
Josh Matteson
5
Votes |
9
Posts

Lender changed rates because they weren't going to make enough

Josh Matteson
Posted

I'm currently locked into a rate in a new home mortgage. Today I was notified that they are no longer going to honor the rate because they are no longer going to honor the program that I was enrolled in. My rate jumped nearly .5% because of this and now I have no time to find a different loan. They are claiming that they will honor the standard rate from the time that I locked. However, that rate is .5% higher than any other loan I was approved for at the time. It feels highly unethical that they basically yanked the rug out from underneath me and put me in a position where I have no other choice. Any advice on how to move forward?

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