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Countrywide didnt lock my rate, what should i do


TUG Member
Jun 14, 2005
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Dallas, TX
I have a question regarding Countrywide.

I called them last week to do a 6 month lock on a mortgage loan. I was paying 3/4 of a point, but it was worth it, b/c I didnt want to risk the rates going significantly higher.

So at the time, the current rate we could have locked was 5 3/4. I went through the approal process (credit score, app, etc). Then when we finished and he was about to lock it and have me pay the required appraisal fee up front (required for the lock period), he said kets hold off locking. I see the 10 year note rate moving towards 104 or 105. If this happens the rate should go to 5 1/2 or 5 5/8. I said I dont want to risk it. He said dont worry, lets hold off, b/c if it goes down you cant relock as you would lose the apprasial fee. HOWEVER, lets hold off b/c if the rate starts increasing I get a notification and you have 1 hour to lock in the previous rate. Meaning he has the opportunity to still claim the past rate at 5 3/4 for 1 hour.

I never received a call and now the rates are at 6 1/2. So the question is, should I press this with supervisors about his failuere about not doing what he said and see what they should do. Or should I just ride it out and hopefully the rate drops again back to those levels. The difference of 3/4 of a point is $125-$150 a month, so it is alot to us. It would be great to know what will happen, but I was willing to pay the 3/4 of a point b/c even if the rate dropped, I would just walk from the $300-$400 up front fees I lost if they wouldnt relock.



TUG Review Crew: Expert
TUG Member
Jun 6, 2005
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Unfortunately, there's probably not a lot you can do. I just went through this with a scumbag loan officer that cost the kids $3,500 because he failed to meet a deadline by one day. I looked for ways around it and there really wasn't any short of leaving that bank and starting all over again. Starting over just wasn't an option.

You're either going to have to eat the interest rate increase or go looking for a better deal with a better bank/loan officer, which means you may have to pay fee's all over again unless the new bank will accept the work that has already been done.

If it were me, I'd make some phone calls before making a decision and go shopping for a better deal.


TUG Member
Aug 1, 2006
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Hampton Roads, VA
I had this happen to us about 6 years ago with Freedom Mortgage, found through Lending Tree (NEVER again!). Same exact situation and I called back, requested a manager, kept running it up the chain, and they did give me the rate that initially should have been locked. Good luck.