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I've locked in my rate with the bank but now I want to back out - possible?

Read too many bad things online and I do not want to go the bank route, but I'm nervous about paying a fee since we've locked. Is there a way to back out of this gracefully or should I take the fall, if any by glen12saurin0010950 from Cedar Crest, New Mexico. May 5th 2014 Reply


Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Unless you have signed a locked fee agreement with you paying a fee then you should be okay. You can back out anytime and decide to go with another lender. I can help you in NM if you are looking for other options. Let me know. 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

May 5th 2014
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You can back out anytime without fee or consequences

May 5th 2014
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Chris Samples (csamples)
#141 ranked lender in Texas - 82 contributions

You shold be just fine to simply cancel the file and take your business to any other lender you'd like.

May 5th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

You can back out at any time you'd like without paying any more money. Any money you've given to them already in the form of an Application fee or Pre-Payment for an appraisal may be lost however. If you gave them money for an appraisal and it has not been completed yet, you can get that back. If you have problems with that, you can file a complaint with the Consumer Financial Protection Bureau. Just google it, CFPB is be the first search result.

May 5th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

You should be able to pull out anytime. Remember if you've had an appraisal done with this lender you will most likely need another one done unless they are willing to assign the appraisal for you.

May 5th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,228 contributions

Simply said, you can leave one lender and go to another. Depending on many factors, it may not be worth it, or as simple as just changing. For example, you may need to pay for another appraisal, or you may not. Don't just jump simply because one person is quoting lower today - especially is you have a signed lock agreement (contract).

May 5th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

You should be able to back out of the loan with no issues all the way up to the day of closing. Just let the loan officer know and you will be good to go.

May 5th 2014
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Not just because I see others with lower rates, just seeing bad reviews online and a few horror stories about this particular place. Appreciate the feedback, everyone.

May 6th 2014
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Gina Bell (GinaBell)
#8 ranked lender in New Mexico - 26 contributions

Absolutely! Obtaining a mortgage is typically the largest financial transaction most people engage in. You should definitely follow your gut. If you are not totally satisfied, comfortable, and confident with the transaction and/or the company you are dealing with, by all means, BACK OUT. You should have received a NM Advance Fee Agreement from the Bank as part of your disclosures. That agreement should identify what deposits/payments are refundable. Additionally, you should have received a required lock-in agreement that should identify any fee you might have paid to lock in the rate. However, generally, you should not be paying a fee to lock a rate.My name is Gina Bell. I am local mortgage broker in Albuquerque and would be happy to answer any other questions you might have and provide you with exceptional service to obtain a mortgage loan. Feel free to call me at 505-323-0724 or via email at gina@accessfundinginc.com. It would be my pleasure to serve you!

May 6th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Joe brings up a good point about pulling your loan hastily. Do you like your loan officer? If you have problems with them, have you given them a chance to resolve them? What does your Realtor think - this is a great person to discuss this with. It may be best to finish where you are at. I'm wondering what really concerns you? If I weren't in the business and was looking for a Lender - my first concern would be the Loan Officer first - please talk to your REALTOR and see what impact changing will have on your transaction.

May 6th 2014
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