I locked in a rate with a mortgage broker yesterday. Am I obligated or did I commit to use that broker? I wished I had shopped around first and I’m wondering if its too late. Thanks!
No, you are not obligated but if the rate lock expires and you try to re-lock, you are subject to the higher pricing. And yes, you would lose your lock-in fee. Many places have stopped charging application and lock-in fees now. So, if they ask you for a fee, go somewhere else. Good Luck! You can always go to other mortgage brokers to check out the rates. Also, see if you qualify for government assisted loans.
Am I obligated to use the Mortgage Broker after a rate lock?
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no you are not. However, if you gave them a lock in fee, you will loss this.
Shop around and maybe the current lender will give you the same rate.
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No you are not obligated to use that particular mortgage broker.
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no your not your stupid
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No, you are not obligated but if the rate lock expires and you try to re-lock, you are subject to the higher pricing. And yes, you would lose your lock-in fee. Many places have stopped charging application and lock-in fees now. So, if they ask you for a fee, go somewhere else. Good Luck! You can always go to other mortgage brokers to check out the rates. Also, see if you qualify for government assisted loans.
References :