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Pulled cash out refi to pay off credit cards, then the rate jumped 0.75% before closing
Locked in at 6.1% in early March, but by the time the appraisal came back my lender said the rate was 6.85% because of market moves. I still went through with it since the cards were at 24%, but the extra payment stings more than I expected. Did anyone else get hit with a last minute rate change and how did you handle the closing costs?
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jessec393d ago
Wait, your lender should've locked that rate at 6.1%, not let it float.
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angela433d ago
Check your loan papers to see if you had a lock in place at all, because some lenders sneak in a float until you're closer to closing. Call them and ask for the lock date and rate in writing, then push back if it doesn't match what you were promised. If they stonewall you, talk to a different lender who will actually lock it down.
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