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I started the paperwork today for my loan and the originator is asking for 1% of the loan amount upfront inorder to lock the rate. It states this is non-refundable.. I am a little concerned because that is a significant amount of money and I worry the seller might back out if the apprasial doesn't come through OK.
Is this normal? Should I go with it or just float and hope the rates dont rise before 6/1?
thanks in advance
Ugh. I don't think I woulkd pay that upfront, non-refundable. Seems scammy.
...latest market bet is that rates are not going up in June, maybe not even in Sep ...hth
@Anonymous wrote:I started the paperwork today for my loan and the originator is asking for 1% of the loan amount upfront inorder to lock the rate. It states this is non-refundable.. I am a little concerned because that is a significant amount of money and I worry the seller might back out if the apprasial doesn't come through OK.
Is this normal? Should I go with it or just float and hope the rates dont rise before 6/1?
thanks in advance
Since it is non-refundable, I wouldn't pay it and take my chances if I were in your shoes..
The only time I ask for a rate lock fee is on extended locks. Like 90 days on new construction.....
If this is a regular rate lock, then this is just a scummy sales tactic to make you feel locked in with this lender.
Find another lender!