Question
Mortgage comp took too long for approval and rates went up. Can I get the lower rate?
Broker took 2 months to get me approved (she wasn't doing the job right). Finally got approved at 5%. Before I could lock in the rates went up and now it's 5.875%. Can I still get the lower rate since it was due to their negligence?
5 months ago - 3 answers
Best Answer
Chosen by Asker
If you did not have anything in writing locking in the rates you are out of luck. It is not the lenders fault that your broker did not do his job.
by Steve
5 months ago
Asker's Rating: 
Other Answers
My first suggestion would be to completely drop this lender and find a different one. This one is obviously unreliable. Find a place with lots of references, not just from the lender, but also from the specific broker that you are going to be using. My second suggestion is that you wait out the market a little longer. Wait for a day when they lower the interest rate and start the process all over again; you can save yourself a lot of money this way. While there is no guarantee that the rate will go down, but I think you will be doing yourself a disservice by not taking a chance.
by Jdseo- 5 months ago
no you cannot get the lower rate unless the broker locked in that rate initially. This is typically called bait n switch. You can also look into foreclosures for amazing bargains out there. I just picked up a duplex for $200k under market
by Tyler- 5 months ago