Help!! Am I obligated to my mortgage rate lock tax?
I phoned Ditech yesterday to apply for a 1st mortgage on my home. Paid for-clear. I was told that, "For a small fee charged to my credit card he would lock contained by the rate." He did not tell me how much the fee be. He did tell me that if I cancelled the application I would be obligated to this fee. I asked him how copious days I had to cancel and be told that as long as the appraiser did not come out I would not have to pay. When I received the E-Kit documents for me to sign I presently find out it is $500.00. I did not sign any documents!! Am I still obligated to this fee if I choose to go next to another lender. I feel so stupid because this is my very first mortgage. What can I do?
Answers:
If you haven't signed anything nonetheless, you are not obligated. A rate lock fee is used to keep a client within the deal they agreed to take - as it costs the lender to lock contained by a rate and hold funds for a closing at the agreed upon rate. Without some payment from a client, the lender runs all the risk for a borrower who is still shopping lenders - which increases costs for everyone.
I've never hear of them charging a fee to lock a rate. This must be a new trick. I would not of allowed it. I've bought oodles houses.... and never run into this scam. I've even used DiTech before, though it was 10 years ago, and they didn't do it after.
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Answers:
If you haven't signed anything nonetheless, you are not obligated. A rate lock fee is used to keep a client within the deal they agreed to take - as it costs the lender to lock contained by a rate and hold funds for a closing at the agreed upon rate. Without some payment from a client, the lender runs all the risk for a borrower who is still shopping lenders - which increases costs for everyone.
I've never hear of them charging a fee to lock a rate. This must be a new trick. I would not of allowed it. I've bought oodles houses.... and never run into this scam. I've even used DiTech before, though it was 10 years ago, and they didn't do it after.
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