I tried comparing two mortgage companies and choose the one that promised me the lower monthly payment. I signed a contract so I could be "locked in" as the mortgage guy said anyway the next day he called and told me the rates had just changed and that I needed to sign another set of paperwork, since the previous papers were about a week old. The problem is when I received the new set of paperwork which contained more fees it had the date of the first set of papers. Am I really locked in, am I legally bonded or can I tell him to go fly a kite.

Thanking you in advance team. You are always so helpful.

Big S

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Originally Posted by BigS

I tried comparing two mortgage companies and choose the one that promised me the lower monthly payment. I signed a contract so I could be "locked in" as the mortgage guy said anyway the next day he called and told me the rates had just changed and that I needed to sign another set of paperwork, since the previous papers were about a week old. The problem is when I received the new set of paperwork which contained more fees it had the date of the first set of papers. Am I really locked in, am I legally bonded or can I tell him to go fly a kite.

Thanking you in advance team. You are always so helpful.

Big S

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Take it from me, I am personally a Senior Loan officer... you can "pull out" of any deal during the application process. In fact you can pull out anytime up to 3 days AFTER closing... in most states.

Our headquarters is in Owings Mills, MD. I personally would question the fees if they were more than the 1st set of papers you signed. If they gave you the "this is what is costs to get that rate/program speech" they are BSing you. If you let me know what you owe and what you want to do... I can give you a quote without pulling your credit at all. As long as you know your estimated middle FICO credit score.
Second... your future plans for your house is a HUGE factor in getting a mortgage. Do you plan on moving within the next 5 years? Or pay the house off... what are your goals?
The broker you mentioned said that the rates went up the very next day... highly unlikely as most brokers "lock in" the rate during the pre-qual stage. Even if he didn't lock it in... the rates only change as much as a 10th of a percent overnight AT most!