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Originally posted by sipsake
Quick question if you're still out there...
My fiance and I are purchasing our first home. Our bank has pushed back the closing date by 2 weeks. Our worry is with the mortgage rate we had locked in with the bank.
When we received confirmation of the loan from our bank, the form said the mortgage rate was locked for 30 days...no problem had we closed on the original date. Now we're scheduled to close 2 weeks after the date on the contract. Since mortgage rates have gone up a full percent since we signed, will our bank now turn around and charge us a higher rate even though they were responsible for pushing back the closing?
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It is very possible that they may. I would contact them immediately and say that you are only comfortable with having the date pushed back if you are still going to be at the same rate. Even if they were planning on giving you the higher rate, they may make an exception. (They need your business) The only thing you can do is contact the person you were working with and make sure they aren't changing the rate. If they are, I would suggest taking your business elsewhere