Mortgages and Loans Q&A
Q: We recently refinanced our house. Supposedly, we locked in the mortgage rate through a broker but the loan wasn’t processed within the lock period and the lock expired. Our broker said we could close but we’d have to pay an extra half-point. Is there anything we can do?
A: Most lenders, if solely responsible for delays that cause lock expirations, may be willing to extend the lock for a short time without penalties. Before you ask, make sure that the lender was to blame and that no significant part of the delay was caused by you or other parties involved. If the lender takes full responsibility for the delay and doesn’t give you a satisfactory response, you may register a complaint to the lender’s regulator.
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