Rate lock “typical fee”

[Nicholas J.]

I am doing my 2nd cash out refi on a rental house, and the bank is telling me I have to pay $450 rate lock fee, which I said I don’t want if there is a fee with it. They claim this fee has to be charged whether I want to lock the rate our not, and that I need to sign the rate lock agreement to proceed. I don’t want to do neither. I have taken out numerous mortgages in the pass and IF I even locked the rate, I was never charged a fee. Now I’m being told I don’t have a choice??

[Russ Draper]

They just want an extra $450 to do the loan is what it is.  Its basically how the banker makes his money for doing the paperwork as I understand it.  You can always try another bank!