I would suggest taking a more long term perspective. See what you can negotiate for now. Then look toward the future. He should be able to do a re-fi for you when rates drop again (at not cost to you). This just happened to a client of mine and it is no fun.

The same thing just happened to me. I was promised a rate of 4.5% and a month later I got an e-mail from my broker stating that he forgot to lock the rate and the same thing happened to a friend of mine who I referred to him. His mistake or lie is costing me $300/mo for the next 30 years.

If you figure anything out let me know.

saraandmatt@mac.com

Hello,

Unfortunately you don't have much recourse. You can report the lender to the BBB but not much else. You'd be amazed at how often this happens. The problem is that many brokers only lock loans for 5 or 15 days because they make more commission than a 30-day lock, so even if he did so your lock may have expired. One of three things likely happened:

1) he never locked the rate to begin with because he couldn't get a rate as good as he quoted.
2) he really did make a mistake.
3) he locked you for a short period of time and it expired.

Do you have any written communication from him on the quoted rate? Maybe you can appeal to his higher-ups? Sorry this happened to you.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com