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Can my loan person lock my rate at a higher rate than what I agreed to?

by mike_sandra12818 from Stafford, Virginia. Oct 26th 2015 Reply


Scott Kinne (Skinne)
#30 ranked lender in Virginia - 66 contributions

When you request to lock-in your rate with your lender, they are required to send you a Loan Estimate Disclosure Form (within 3 days) which states your rate and terms of the loan you locked in. If anything is incorrect you would not sign that disclosure and should contact your lender to verify the mistake. In some cases a lender may have to revise his quote once he knows your actual credit score after pulling your credit report. Otherwise, you may want to pick another lender! Call me if you need assistance. Scott Kinne - VP - First Heritage Mortgage - Fairfax VA - NMLS# 182351 - Office: 703-293-6146

Oct 26th 2015
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 63 contributions

Really should not do this. Sorry you are having this experience. Are you in the same program you originally discussed with your loan officer?

Oct 26th 2015
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

Your mortgage lender should talk with you every step of the way. Locking at a different rate then what was agreed should be a big red flag.

Oct 26th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

No.. and if he does, you are not bound by it.. Typically, loan pricing changes every day.. sometimes several times within the day.. so until the rate is locked in, it's subject to change.. if he quoted you one rate and today's rates are higher, then it's up to you to decide if you wish to continue or not.. but regardless, once he locks in the rate, he needs to send you a disclosure within 3 days, and if it's locked in higher than you agreed to, you're not bound by it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 26th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

You need to speak with him/her and find out what is going on. If you are getting down payment assistance, they may not of had a choice since the program decides what the rate is for everyone in most cases. However, for any other program the rate you decided to lock at should be the rate you get. If the market moved and the rate was not available at that price any longer, they should of discussed this with you so you could decide what direction you wanted to take.

Oct 27th 2015
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