I am refinancing my house i signed good faith estimate with a locked in rate?

Beula
The night before my closing, broker called say they got a cautionary note and the lender could now only do the loan at higher rate. I paid for the appraisal up front. Can they refund my $ 300 since they did not honor lock in rate in GFE and now I am back at square one. I chose not to go with them. Please help!!!

Karima
Most lenders prefer to have the appraisal paid for at the door by their clients. You own the appraisal, not the lender ! and you should have a copy of it. Take that to a new lender and turn your previous broker into the state director of finance for predatory practices. The sort of situation you encountered would have been known sooner than the night before. If your rate lock expired it is still their fault for wasting time. I have taken a loan app and closed and funded refinance loans in less than 2 weeks. The GFE is a convenient escape many inept loan officers try to pass off because it is a - Good ( not perfect ) Faith ( no guarantee, just hope ) Estimate ( close as can be determined for a short time, subject to change ) But when you pay for the appraisal it is yours not theirs and they are stealing it from you when you dont get a copy. As for the cautionary note from lender ( wholesaler ) In 27 years of lending and thousands of loans closed I have never had such a note. If your loan couldnt close at the rate agreed it was due to their mistake or bait and switch attempt. Best of luck with a new broker. Any lender should be able to close your loan within 2 weeks as you have a complete file and appraisal. Keep the same title company and escrow company and the new broker will be able to close within 9 days.

Harris
They will not refund your money. Ask them for better terms, or to explain in great detail what caused the rate to be higher.

Chassidy
you did not say anything about loan docs or signing them, therefore it would be hard for them to be a closing.You were issued a GFE based on possible loan fees, points and other loan related closing cost. This form did not and could not lock your loan.How much higher was the rate than the one you were told? You might want to reconsider with a good explanation from the mortgage broker you were using. Perhaps there was something found in a subsequent credit report that could be explained away with a letter of some sort. You should a least get a better explanation of why the rate lock was it honored.Since you paid for the appraiser you are entitled to a copy of it. When you speak with your mortgage broker about an explanation about the raise in the interest rate, and if you are still in the frame of mind that you want to switch mortgage brokers, tell him to email you a complete copy of you appraisal and that you want him to release the appraiser to another mortgage company.Without this release you will need to get another appraisal. I hope that this has been of some use to you, good luck."FIGHT ON"

Alysia
I would like to help you get the best loan for your needs. My profile has my contact info.

Cathern
A Good Faith Estimate is exactly that, its an estimate. They cannot lock you in on that rate. If you chose not to go with them they more than likely will not refund that fee. If they are refunding an appraisal fee that means they have to pay that out of their pocket, which they are more likely to not do if you aren't going with them. Appraisers won't refund your money either, you are probably out of luck on this one. Sometimes you just gotta take a hit and move on with it. Im a REALTOR so if you have any other questions about this or need some help with a home let me know. My email is jarredveillon@yahoo.com

Joellen
Try any finacing company

Sang
if you locked in a rate they should accept it. unfortunatley the good faith estimate is not a guarantee its just an estimate to show you what you can expect. get your appraisal report from them since you paid already. and take it to another lender and see if they honor it. if you have further questions feel free to email me. scubasteve310@yahoo.com.