Mortgage Closing Costs

[EileenLS]

Hi. We started a mortgage refinance process and the lock-in date has expired and we still have not closed on the loan. I was wondering if anyone knew if I would be responsible for any of the closing costs if I decided to go with another bank. Of course, I do not want to start the process all over but have become increasingly discouraged with this bank. I know I would lose the application fee..anything else? Anyone know?

Thank you!!

Eileen

 

[travelfanatic]

No you would not owe closing costs unless you actually closed. You would only lose your application fee and any appraisal fees. Feel free to shop your loan with someone else if this bank can't get it done. Good luck!

 

[KimRaye]

Above poster is correct. The lock-in date refers to the interest rate they quoted you, which may have (and probably has) changed, since you applied. Good luck.

 

[EileenLS]

Thank you both so much! Went from a 4.250 refi to a 3.625 so it is a big difference! ))