I decided to use them to finance an acre lot in Greater Houston and submitted an application around 20th of January. Disclosures were signed January 31th. Turns out, they spent 3 weeks messing around with Title to get the insurance and survey, had to delay my closing date (which was supposed to be on 21st) and called me the next day 22nd to lock my rate in 0.5% higher than the initial disclosure I had signed almost a month ago. Is this how these things normally go? The rep cited that inflation and rapidly rising rates caused this increase in rates.

My question was why couldn't they offer this rate lock sooner? Everything on my part was done before February. The best part was them saying had rates gone down they would have offered me a lower rate (yeah right). Has this happened to anyone else when dealing with them?

Can't say as I didn't go with them on our property loan. I can say we didn't go with them because I asked a few questions about different loan amortizations and their potential interest rates with no answer. Actually still haven't heard from them. And this is after getting pre-approved. Maybe they're super busy. Not sure, but we went with another small bank.

Can't speak for how they do business specifically, but on home loans we would have extended your rate before it expired. It sounds like someone may have dropped the ball on getting some stuff ordered (like survey) and failed to watch when the rate was going to expire. That is an outside observation, so definitely not saying it at the gospel truth. LOL

Did the disclosure you signed indicate the rate was floating?

jja79 said:

---

Did the disclosure you signed indicate the rate was floating?

---

What it said was this rate is not locked. But again I signed that on January 29th. They told me that until they had the title insurance and survey they wouldn't be able to offer me a rate lock.

And again, originally we were planning for a Feb 19 close but the lender wasn't ready. So they asked for an extension until March 2 (tomorrow).

And they called me on Feb 22 or 23 saying here's your chance to lock the rate but the interest rate has moved up 0.5%.

Sounds like the problem is more with the title company dragging tail. Rural county?