Update: Lender changed rate +0.75% days before closing

I posted a month ago that my lender notified me that he would not honor the 4.5% interest rate on my loan. A lot of people gave a lot of insightful comments and advice, and I was asked to provide an update here.

I told the lender that I would not accept any rate higher than what I had locked in, and that if he will not honor the rate, I will not proceed with the closing on the house. Day after day they kept telling me that they are reviewing the situation, and that we’ll have a decision from the lender “today or tomorrow”. This kept happening for so long, that 3 times I had to extend the contract with the house seller to give me more days to secure the financing. I was fully expecting the deal to fall apart.

Finally, just 1 business day before the final day to close, they came through and approved everything at the original 4.5% rate. With the approval in hand, we extended the close day by a few more days (to make room for the 3 day window necessary after the disclosure docs were sent). We did finally close on the house and the whole event is concluded.

tl;dr: I stubbornly held my ground for almost a month, and they simply honored the rate they had promised.

submitted by /u/req4me
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I posted a month ago that my lender notified me that he would not honor the 4.5% interest rate on my loan. A lot of people gave a lot of insightful comments and advice, and I was asked to provide an update here. I told the lender that I would not accept any rate higher than what I had locked in, and that if he will not honor the rate, I will not proceed with the closing on the house. Day after day they kept telling me that they are reviewing the situation, and that we’ll have a decision from the lender “today or tomorrow”. This kept happening for so long, that 3 times I had to extend the contract with the house seller to give me more days to secure the financing. I was fully expecting the deal to fall apart. Finally, just 1 business day before the final day to close, they came through and approved everything at the original 4.5% rate. With the approval in hand, we extended the close day by a few more days (to make room for the 3 day window necessary after the disclosure docs were sent). We did finally close on the house and the whole event is concluded. tl;dr: I stubbornly held my ground for almost a month, and they simply honored the rate they had promised. submitted by /u/req4me [link] [comments]

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