Mortgage broker quoted me 4%. Now 60 days later, the paper is all done, the appraisal is fine, he says the bank won’t do the deal at 4.0% and will do it at 4.75%. Can I walk from this refinance at this point?
Asked by:VVV
Lender Bolts From Quoted Rate on Refinance?
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As long as nothing binding is signed and you have not accepted the funds, yes you can.
With a refinance of your primary residence you have any time from the initial contact until 3 days after closing (this is called th Right of Rescission and is given to any homeowner when borrowing money against their existing primary residence; borrowers cannot even waive but nor can the lender advance funds during this period of time)
a couple of issues here.
To answer your question, can you walk from this refinance. Of course. In fact, you can walk away 3 days AFTER you settle. However, you will still owe for any work done on your behalf – like the appraisal and title work.
In regards to the quoted rates. Rates change EVERY DAY and unless you actually signed a loan lock in agreement, which promises the interest rate, you have no recourse. The lender did NOTHING wrong.