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Updated almost 4 years ago on . Most recent reply

User Stats

58
Posts
22
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Patrick Orah
  • Investor
  • Maryland
22
Votes |
58
Posts

Is it possible for refi rate to change after lock?

Patrick Orah
  • Investor
  • Maryland
Posted

I am in the process of refinancing my loan and as most have experienced it is taken a very long time to close. I am towards the end of closing after what seems like forever working with my lender and when they sent me the closing disclosure I noticed that my interest rate went from 3.125% to 3.375% and $3k in financing fees to buy the rate down to 3.375%. The issue that I have is that I locked my rate at 3.125% and now the terms have changed. I suspected that the lender or loan officer made a mistake and did not lock my rate and is now giving me all kinds of excuses, one being that the appraisal came back $30k less than expected which changed the terms of the rate. Is that possible? Can my rate change to a higher rate after I have locked in at a specific rate?

  • Patrick Orah
  • Most Popular Reply

    User Stats

    17,434
    Posts
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    Russell Brazil
    • Real Estate Agent
    • Washington, D.C.
    30,082
    Votes |
    17,434
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    Russell Brazil
    • Real Estate Agent
    • Washington, D.C.
    ModeratorReplied

    Your rate was locked for a loan at certain terms. The terms of said loan no longer existed once that appraisal came in lower pushing you to a different loan altogether.

    I do not think $43k is worth the costs associated with doing the refinance personally.

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