Legal Question in Real Estate Law in New Jersey
refinancing primary residence
I called in to bank on my exixting loan looking to refinance. Quoted 5 1/8% and that if the rate goes down prior to receiving the package with the offer in writing I can take advantage of the lower offer.(one day later) Today I received an e-mail alert from the bank telling me that the rate dropped to 5%-when I called to take advantage they tell me I'm ''locked in'' from the first phone call even though I have yet to sign or recive anything from them. Please advise.
2 Answers from Attorneys
Re: refinancing primary residence
Seems to me that if you did not sign a "lock-in" letter or pay them anything, you could just tell them you are not interested and are withdrawing your application. Then tell them that now that you have no application pending, you want to take advantage of refinancing with their low rate of 5%. The whole scenario seems a little strange to me. You need to do some talking with a supervisor. Good luck! Rob Gleaner
Re: refinancing primary residence
Actually, I do refinances all the time. This is a very common process. There is so much competition out there, that the banks will lock you in at the lower rates. 5% is a good rate, but it depends for how many years. You may be able to do better, depending on the # of years your locking in for. I charge $350 to handle the refinance, I will be very happy to give you a free phone consultation.
Savy Grant
201-646-9600
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