What happens when my Mortgage Rate Lock Expires?
My Mortgage Loan just came out of Underwriting “Approved” this past Thursday. The vert next day, my Lender calls, and says the Rate expired?
He says hes going to wait to see if the rates fall by Monday, or that I’m going to possibly have to pay a point higher? That would completely change the Loan, the payment, and have to go back through Underwriting, RIGHT??
I’m SO MAD I don’t know WHAT to do. I’m too far along, this is my VERY FIRST home purchase, and I have NO IDEA what may happen.
We have now been in Escrow over 45 Days. This Lender doesn’t seem to know WHAT the heck he’s doing, and his explanations are TERRIBLE!!!
The rates have not fallen, so what is going to happen with my Loan? Still haven’t heard from Lender.