Loan Officer trying to change our interest rate after we signed off on the ‘locked in’ rate

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Well, if you don’t qualify for the program, their other option is to decline you and wish you luck. Sounds like they are doing what they can to get you approved on a new program with similar terms.


Read what you signed. It’s pretty unlikely to say “we agree to give you 3.25 sign here”. It’s likely predicated on you qualifying. I gotta imagine at some point someone said “subject to you passing the checks”. I agree the way she talked was infuriating, but that’s generally not enough to force prices.


Get a different loan officer. So many comments saying it’s not her fault blah blah blah. It doesn’t matter imo. You’re not going to trust her or feel comfortable moving forward so it’s going to make the rest of your closing process even more stressful. If you can change the lender without losing money, then absolutely do it. We changed our lender part way through while closing on our home after having a bad experience and it was the best decision we ever made.


Sounds like a legitimate mistake, correctly caught, and you are trying to hold the company to terms based off a miscalculation. You don’t have the mortgage yet, you just signed an agreement to pay at a certain rate. It may not be professional, but this is absolutely legal. “Locked in” doesn’t mean what you think it means.


So your income is actually higher and that makes you not qualify? Was this a home possible/home ready program? The lender should have explained that if you don’t meet program requirements the terms could change. Nothing is final until your loan funds and is recorded.