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A loan officer locked me into a bad rate just before the Fed made the QE3 announcement?

What options do i have besides canceling / not siginng the final docs. Can the manager of lending do anything to change the rate?

Update:

actually he tried to get me to lock the night before but couldn't. That evening I was researching the world of mortgage and news and saw that the fed was going to make an announcement the next afternoon. I was expecting a call to go through the lock process again but they just locked without calling first thing in the morning. Either they knew the fed was going to bump rates down and wanted to get a better deal for themselves or they are clueless about their own market. In either case a client should be called before locking , yes?

Update 2:

Jin Hayashi An idiot made call on something that will effect 30 years of my and my families life, it's not whining you jack ***. If some doctor f'd up something on you, or a mechanic did something to your car that you didn't give him clearance to do would you " whine"?

4 Answers

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  • ?
    Lv 7
    9 years ago
    Favorite Answer

    Stop acting like the victim and complaining

    I hate to say it you did not do your research carefully and did not contact them in time

    Yes you can renegotiate with the manager however its your fault the employee did nothing wrong

    They are not supposed to call you constantly it is your loan therefore your deal to get it through

    Edit

    With that kind of attitude and language no wonder why they did not want to talk to you....

    With all due respect blaming other people will not solve any of your problems...

    Yes I would also complain however at least I did not sign paperwork giving him authorization without reading it

  • Rob
    Lv 7
    9 years ago

    sorry , do not know what country u in

    but in USA rates are under 5%.

    unless u new to industry these rates

    are fantastically LOW.

    when we bought our 1st house rate

    were 16%.

    don't complain about these rates.

    as for "fed" announcements they will

    not change rates the same week or

    two.

    good luck is good knowledge.

    Source(s): builder, landlord
  • ?
    Lv 7
    9 years ago

    I have to agree with the other post, this just sounds like you took an offer but are now regretting it.

    If the rates had increased instead, could they increase that rate? That wouldn't be fair, so why would your suggestion be any different?

  • 9 years ago

    there is no harm in asking for what you want ... and, you signed the deal, didn't you? you had the opportunity to know that the FRB was going to say something ... just not what they would say.

    sounds like sour grapes to me.

    Source(s): retired
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