Mortgage rate lock-in deposit?
I already paid $500 deposit for rate lock-in before.
But immediately closing isn't done and my mortgage company asked abother deposit of over $500 for 15 -days extension.
I am sure I can't close in next 15 days (i am not even slightly close to the closing process!)
Do I lose the first $500 and the second $500+ and so on...like this? This "lock-in-deposit" is pure additional expense for me or no charge if I go and get the loan at the end?
Please help....
Answers:
I would never pay a mortgage rate lock in. Read your contract and bid your lender for info.
rates are going down. lock - in's are for if rates are going up.
look for another mortgage company.
What did the company that made the loan commitment enlighten you? This is all subject to contract. Nobody here can give you a definitive answer lacking seeing the contract.
Related Questions:
If I assume a mortgage will the lender shift the interest rate?
I'm assuming a mortgage from my trustworthy sister, whose interest rate is 6% and is 5 years into a 30 year mortgage. I declared bankruptcy in 2006 after a medical situation. Will the lender switch the interest rate because of my credit?...
But immediately closing isn't done and my mortgage company asked abother deposit of over $500 for 15 -days extension.
I am sure I can't close in next 15 days (i am not even slightly close to the closing process!)
Do I lose the first $500 and the second $500+ and so on...like this? This "lock-in-deposit" is pure additional expense for me or no charge if I go and get the loan at the end?
Please help....
Answers:
I would never pay a mortgage rate lock in. Read your contract and bid your lender for info.
rates are going down. lock - in's are for if rates are going up.
look for another mortgage company.
What did the company that made the loan commitment enlighten you? This is all subject to contract. Nobody here can give you a definitive answer lacking seeing the contract.
Related Questions:
If I assume a mortgage will the lender shift the interest rate?
I'm assuming a mortgage from my trustworthy sister, whose interest rate is 6% and is 5 years into a 30 year mortgage. I declared bankruptcy in 2006 after a medical situation. Will the lender switch the interest rate because of my credit?...