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bdp_0000 · Joined: 25 Sep 2009 Posts: 1 1.45 Dollars($)

I went to my closing today with a lawyer. I noticed that the term was longer but the interest rate was the same as the 15 year i locked it on. If i would have signed the documents today. Would the bank have to honor that interst rate at that amount?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Rememebrt this the rates change every day.

But if you had locked the loan rate, and the bank did a mistake in preparing the documents and did not relaize the mistkae then they would have to honor

But there may also be some greace period forthem to change.

I am sure some one else will review the loan papers after you sing it and also they have some calsue which prects them for situatiosn like this

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

bdp_0000
welcome to mortgagefit

rates will be applicable for that day on which you are signing the deed.But if you found that there is some injustice,you can always request the lender for additional terms in the deed.
It can be changed with both parties consent in lateral stage.
keep in touch

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

It all depends on deed.
The mention clauses will affect the deed. so i will prefer you to read deed carefully.

greggwyburn · Joined: 13 Sep 2009 Posts: 60 0.00 Dollars($)

you should be happy. as interest rate also goes up with increase in mortgage tenure.

gmakerley · Posted: Sat Sep 26, 2009 9:56 am Post subject:

"you should be happy"?????

where do you get that? a borrower going to closing should not have surprises like that. obviously this borrower was displeased to see a change in terms that had not been previously disclosed.

that lender needs to get its act together, unless you know of others of your ilk, gregg, who'd be happy to have a bait and switch done.

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

There is error in document. so go through it carefully. it is good that you have noticed it in grace period.

gmakerley · Posted: Sat Sep 26, 2009 10:03 am Post subject:

please recognize that there's no such thing as a grace period when it comes to a closing on a mortgage loan.

grace periods refer to the time allowed by a lender before the charging of a late charge on a late payment.

please also keep in mind that any payment not paid on a due date is actually late. lenders simply allow grace periods.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Good point George

In you experince, have you seen thsi ahppne in the past. The lender did a mistake inpreparign the papers and the borrower signed the papers with differnet terms.

But the terms were more favorable to the borrower, then what was action taken by the lender

( Fired the person who prepared it wrongly or went back to the customer and asked to resign the new terms etc)

gmakerley · Posted: Sat Sep 26, 2009 10:20 am Post subject:

prayerfully, i won't see this sort of grievous error in the future. i've never seen such a thing in the past. have we seen closing issues from time to time? of course...it's an everyday occurrence in this industry. can some of them be worked out at the table? yes, but many necessitate a rescheduling of a closing.

i have enough trouble getting them to the closing table to begin with...i don't need a bonehead mistake messing up the closings.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

But if both the parties didnto relaize it and the rate what was quoted along with the 30 years terms were there, then the lender need to take losses

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Different terms when i went to closing