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locked rate was lost!

My Loan Officer did not send me a lock rate agreement. My loan officer emailed to complete my loan application within 24 hours to lock in rate, which was on march 29th. I did this and at the time 30-year fixed rate was 4.11%. when she sent me the rate I was locked into it was 4.33% 30-year fm, which was last weeks much higher rate. This feels bad! If I do not have the lock rate agreement letter, is her email to me on 3/29 considered a "binding" rate lock agreement? by bachmann860 from Washington, District Of Columbia. Apr 22nd 2019 Reply


The 28th was a Friday... did you have a contract for s property at that time? Exactly what did the email say? Did you complete and submit your application on the 29th during biz hours?

Apr 22nd 2019
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Your LO was either slow to lock, or playing the market without your acknowledgement. Either of which was against your best interests. I recommend ask for the lower rate, or equivalent PV Fee reduction, OR go to another lender. I prefer brokers as they have more latitude in locking rates and hurrying the process. Good luck. Dave VW

Apr 22nd 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

More info needed, but the short answer is no.. the email is not a rate lock agreement. First, we would need to know what rate you are looking at.. typically, interest rates are in One 8th's increments. 4.0% 4.125%, 4.25%, etc.. so 4.11 or 4.33 are not typical note rates.. but when you look at the APR rate,, then that would make sense.. So the question I have is,,, did your loan officer quote you 4.11% APR, or did you see that somewhere on the internet advertised as the "Going Rate"? Keep in mind that the APR rate is not the note rate.. it's a government calculation which takes into account other closing costs such as underwriting and processing fee's, escrow fees' etc.. and monetizes them as part of an interest charge,,, So, you will typically see the rate advertised as 4.0% (4.11 APR)... This is why the APR will most always be higher than the note rate.. a loan with all those fee's built into the rate will have a smaller spread between the note rate and the APR rate. Realistically, you need to pick up the phone and call your loan officer.. ask her to explain why the rate is higher than what you thought it was supposed to be.. She works for you.. and there is not incentive for her to charge you a higher rate then what the going rate is. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Apr 23rd 2019
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Dave Skow (daveskow)
#1 ranked lender in Washington - 224 contributions

Did you specifically request the rate lock on the 29th ? do you have email exchange regarding this ? what was the loan fee for the 4.11% rate and what is the loan fee now ? why is there a 3 week gap between when you requested lock and now ? was the original lock offered a 30 day lock ? refinance ? purchase ? could loan have closed by 4/29 if a 30 day lock ?

Apr 24th 2019
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