Originator says we aren't locked, but I just got a signed commitment letter

[Jacob P.]

Hi guys!

Quick, niche question on getting a conventional loan.

We are getting close to closing, and have had several conversations with our loan originator to the effect that we are not locked at a rate, and we are waiting for a dip to lock it in.

Today however, I received paperwork from our processor, including a signed commitment note dated two weeks ago that clearly states a interest amount and monthly payment.

As rates have been rising, the range of rates that our originator has discussed as being potential lock rates are all higher than the rate in the commitment.

Maybe I'm misunderstanding things, but I would assume that a commitment is.... well, a commitment (this is NOT a GFE or anything like that). And the rate listed in it is a binding agreement that is essentially a lock on the rate. Is it possible that our originator was missing something on this? Or is the rate in a commitment somehow subject to change?

Thanks guys!

[Mindy Jensen]

I would ask the originator or processor these questions. Without seeing the actual letter, I can't make an intelligent comment on it.