Lender is not honoring the rate lock

Hi all. I signed for a new construction last year, paid 10K earnest money and used the builder lender for loan application. I availed one-year rate lock offer they had for a fee of $1XXX. I paid the amount and received email confirmation on rate locked at 3.XX%. There were no documents shared at the time of rate lock.

A month ago, when I asked for the rate lock document, they sent a revised loan estimate with rate lock however added 1.XX% points cost. The points cost was not informed at the time of rate lock, it’s not mentioned in the rate lock offer as well. So, I refused to sign the revised document and raised my concern regarding the added points cost. The lender reduced the points cost by a bit in latest document but is refusing to remove it altogether, saying it was disclosed etc.

The builder sales agent is aware of the rate lock issue but is not helping in this matter. This conflict with lender is going on for over a month. I definitely do not want to pay for the points, especially because they do not even acknowledge the wrongdoing. What are my options now?

submitted by /u/Fun-Pitch-7115
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Hi all. I signed for a new construction last year, paid 10K earnest money and used the builder lender for loan application. I availed one-year rate lock offer they had for a fee of $1XXX. I paid the amount and received email confirmation on rate locked at 3.XX%. There were no documents shared at the time of rate lock. A month ago, when I asked for the rate lock document, they sent a revised loan estimate with rate lock however added 1.XX% points cost. The points cost was not informed at the time of rate lock, it’s not mentioned in the rate lock offer as well. So, I refused to sign the revised document and raised my concern regarding the added points cost. The lender reduced the points cost by a bit in latest document but is refusing to remove it altogether, saying it was disclosed etc. The builder sales agent is aware of the rate lock issue but is not helping in this matter. This conflict with lender is going on for over a month. I definitely do not want to pay for the points, especially because they do not even acknowledge the wrongdoing. What are my options now? submitted by /u/Fun-Pitch-7115 [link] [comments]

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