terry_barnes•24d agoProlific Poster

Why does nobody mention that cash out refi rates can jump mid-application?

I was two weeks into a cash out refi on my place near Denver last August, thinking I had a locked 6.2% rate. Then out of nowhere the lender emailed saying rates shifted to 6.8% because of some market move I didn't catch. Turns out I never checked their fine print about rate locks expiring after 15 days. Anybody else get blindsided by a rate change halfway through the paperwork?

3 comments

3 Comments

casey39323d ago

My buddy Tim lost $400 when his rate jumped exactly like that.

mason_foster6824d ago

Locked mine for 60 days after getting burned the same way.

keith26423d ago

Depends on the lender, some 60 day locks are just a sales gimmick unless you pay points up front. @casey393 might've just hit a rough stretch with the timing.