Asked by Fye51, Jacksonville, FL • Thu Feb 10, 2011
You have a pre-approval from bank A but bank B wants your business and ask for a good faith estimate. Bank A sends over a good faith estimate and bank B can not match or beat it so you decide to stay with bank A and start the loan application. There is missing information from application so is put on hold until next business day. Next business day you finish application but now are being quoted a higher interest rate. Bank B lost your business because at the time of the Good faith estimate Bank A was lower. Now you can not get the interest rate Bank B offered you and now your current bank A is quoting a higher rate. Does bank A have to honor their interest rate at time of good faith estimate since loan process was already started? Does bank A have to honor the interest rate even if they mistakenly sent bank B the wrong interest rate on good faith estimate? I know it is a 2 day period to either finish or have a loan sent to underwriting to be declined.
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