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Refinancing my mortgage

Started by rng0513
almost 16 years ago
Posts: 5
Member since: Sep 2007
Discussion about
Recently I've been going through the process of refinancing. There's been delays and confusion and just general craziness. And none of this is on my end. Now I'm finally closing. However, the bank says I need to pay to extend the lock-in rate for 5 extra days. The reason she gives is because Bank Regulation says there has to be a cooling off period and I have to pay for it. Does this make sense?
Response by mbrokerNY
almost 16 years ago
Posts: 103
Member since: May 2008

Yup, new RESPA regulations require certain waiting periods. My guess is something in your loan changed and therefore the bank has to re-disclose before you can close.

Welcome to the new compliance nightmare the Obama Administration has created. Instead of saving the you money all the regulations do is cost consumers money. You are a prime example.

The government claims its for your own protection.

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Response by dwell
almost 16 years ago
Posts: 2341
Member since: Jul 2008

rng,

No, it does not make sense: gov's consumer protection winds up costing the consumer more $.

May I ask what rate & which bank?

Thanks

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