There is always a date where this approval expires though, which should be the only time rates would go up.
Although not usually recommended, having one agent for both should not have changed things.
Even if an agent drove the price up on you or even down for you, it wouldn't change the fact that you were approved for a certain amount of money.
As noted by comments on Trulia, one would normally expect that mortgage rates and real estate agency act independently. If your situation suggests they are now being linked, the question is WHY.
Contrary to others who have dismissed this scenario, I'd like to learn more about the situation before making a judgement. As Robert Shiller, Yale economist and co-founder of the Case-Shiller report said recently, "we are in a totally artificial housing market." My question is whether lenders are now pricing individual loans to reflect different RISK scenarios, and if so, whether that violates any laws.
Speaking of legal requirements -- Using the same agent or agency to represent buyer and seller is risky, and considered an act of fraud without informed consent. That is why the state of Massachusetts REQUIRES agents to disclose that conflict of interest inherent in BOTH dual agency and designated agency before entering into any agreements. Whether the agent or agents involved comply with the state's mandatory disclosure, or whether the buyer and seller know enough about the possible financial harm to give "informed consent" - an important legal standard -- are complicating factors and add to risk.
If your situation is more than an isolated incident, could lenders be saying, we don't care whether uninformed or misinformed buyers see the conflict of interest, we do and were going to charge a higher interest rate to reflect our RISK.
After you are pre approved get in touch with a real estate agent that can assist you with the buying process, you do not want to deal with the listing agent. Listing agents have to work to get the best deal for the seller, not for you.
Best of Luck,
To answer your question about the increase in points, I have never heard of this before and quite frankly it doesn't make much sense. I would ask for that in writing or make sure you shop around your loan before choosing that lender.
Territory Real Estate
Massachusetts Destination for Home Buyer's
617 848 5407 ext 704
There should be no connection between the agents involved in the transaction and your mortgage interest rate. My advice....keep looking.......
Making up crap to take advantage of customers shouldn't be tolerated.
Your rates depend on the bank and mostly on your credit worthiness.
Best of luck.
There is an equal correlation between interest rates and tides as there is between who is represnting you in this transaction and the interest rate.
Someone has every intention of seperating you from more of your hard earned money.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL