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Can the banks still change my interest rate after signing initial loan disclosures? ?
I signed my initial loan disclosures early this week for the house that I am buying. It says that the rate is locked. It also states that loan amount and interest cannot increase after closing. But can they change it anyways? I am worried because the interest have been increasing all of this week. I know the initial disclosures are just the first step in the mortgage application. But does the law protect me from rising costs?
- ?Lv 72 months ago
If you have it signed and in writing, then they can't change it. They could play games where they keep stalling on approving the loan until the lock expires but I don't think rates are up that much, yet, that they'd be likely to do that.
- Glenn SLv 72 months ago
Not if it is locked.....unless the lock has expired.
- A HunchLv 72 months ago
"It also states that loan amount and interest cannot increase after closing."
NO. after closing you will have a fixed rate mortgage for a set amount of dollars.
Just like buying a car.
Can your payment increase? YES. If it's an escrow account. It WILL INCREASE when property taxes increase and homeowners insurance increases.
After "closing" has nothing to do with today, before you close.
If you don't have a mortgage interest lock, the rate will change every day until the day you close.
If you have locked the rate, I can't tell if you have or not, then the rate will remain locked as long as you close before the end of the lock period. If your loan doesn't close by then, then your rate will adjust after the rate lock period has ended.