Legal Question in Real Estate Law in Utah

Interest Rate

In applying for a refinace loan, I applied and had all proper paper filled out and sent to the funding company. The motgage broker used a 21 day lock on the interest rate to allow enough time to proces the paper work. For some unseen reason the process took longer than the 21 days and the lock expired due to the funding company taking their time. I lost the low interest rate and will have to refinacne with a higher rate and not be able to save as much money. Is any one liable for this?


Asked on 7/30/03, 4:50 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Interest Rate

It depends on the terms of the lock and your agreement with the broker.

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Answered on 7/30/03, 5:30 pm


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