No you are not obligated. I recently refinaced a past customer that was ofered 5.0% by there current lender. They called me and I did it a 4.5%. The only downside is you will probably have to pay for another appraisal. Rates are now down to 4.25%.
The simple answer is NO. If this is a refinance of an owner occupied residence you will be given a 3 day right to cancel the transaction. At anytime you may cancel the deal by simply writing a letter to a manager, they must cancel your transaction. Any costs you have already paid may be forfeited by doing so.
Hope this helps!!!
There is a bunch to ask. Was the loan properly disclosed at all? If so you would have a legally binding rate to your Broker. With that said NO you are not obligated to a refi through anyone. You may be out your appraisal fee.
It sounds like the company was unprofessional. In CA were doing refinances in 20 days or less.
Best of luck
You aren't obligated till you sign on the dotted line but be careful, I have seen many in your situation. They are ready to sign and quoted another rate by another lender who does not know the whole picture or circumstances of the loan then when it is time to deliver it doesn't happen. Remember rates can fluctuate daily so what is here today can be gone tomorrow.
Realty World & Associates