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What recourse do you have if the interest rate or closing costs are significantly different at closing?

by bryan931 from McIntosh, Florida. Feb 24th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Per the new TRID guidelines, lenders are required to produce a Closing Estimate within 3 days of closing.. this estimate should outline the details of your loan.. it's also a comparison of what you were originally quoted, against what the newly adjusted fees are.. Some fees, such as your loan origination fees have ZERO tolerance, meaning they cannot be once cent over what was quoted.. Other fees, such as title fees, cannot be more than 10% above what was quoted.. then all other fees, such as your homeowners insurance, HOA transfer fees, etc.. do not have a tolerance. So when comparing your original quote to the current quote, it shouldn't be that far off.. if it is, then you should contact your loan officer right away so he can correct it.. if he dosent, then you don't sign.. that simple. 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

Feb 24th 2016
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Kirk Anderson (KirkAnderson)
#3 ranked lender in Arizona - 45 contributions

Bryan,Can you elaborate a bit on exactly what changed? Once your interest rate is locked in, it can not change unless your Lender agrees to renegotiate the rate, and as for Fees, as the earlier Contributor mentioned, they are pretty much locked in as well, so hence my reply as to "what changed"?

Feb 24th 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

They rate shouldn't be changing and the fees should be very close. Sometimes if a property appraises for less than expected it can change the rates that you qualify for as the loan becomes more of a risk. If that caused the rate to change your lender would have had to inform you and should of had a conversation with you.

Feb 24th 2016
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 637 contributions

William spelled it out pretty well...

Feb 25th 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

Agree, William did a good job in answering this.

Feb 25th 2016
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

Don't sign the loan documents. I think that would be hard to do now a day with all the TRID guidelines.

Feb 25th 2016
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Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

You were not clear on whether this actually occurred or not. Any n m l s licensedmortgage brokers or lenders as well as any federally chartered bank are required to stick very closely to what was originally offered. However, if your rate was being floated and it had been implied you would be locked into a particular rate with particular closing costs, and then you find out this is not so at closing, that is a concern. When locked the new loan rate costs are supposed to be re-disclosed to you, and you must not sign the papers if you find the numbers unacceptable from what you had been expecting. Otherwise, William Acres explains the new LE & CD designed to match up exactly so it is easy for you to compare prior to signing any final documents.

Feb 25th 2016
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