Posted on: 26th Jun, 2009 09:39 pm
we signed a good faith estimate to refinance at 4.375 on a 15 year. we faxed all the required material and paid for an appraisal. our mortgage broker kept saying he needed this and that because of the new government requirements. we went back and forth, and now the good faith estimate has expired and the rates have gone back up. what should we do or can we do next? are we just screwed? we're locked into that rate even if they drop the next day, so are they obligated in any way to find us that rate some how? what is our next step? thank you for reading.
Hi tk,
If the rate lock has expired, then I don't think you've much to do. You will have to go for the new rates. I don't think the lender is obligated in any way to give you the same rate.
If the rate lock has expired, then I don't think you've much to do. You will have to go for the new rates. I don't think the lender is obligated in any way to give you the same rate.
I kind of knew that was the answer, but I thought maybe. Thanks for the fast reply. I'm keeping my fingers crossed for another drop. But it's not looking good.