Interest rates after closing

What is the name of your state? South Carolina

I have a question I hope someone can give some information or guidance on. I closed on a house on the 22nd of December 2003. I used an ARM to purchase the home. At closing the interest rate on the paperwork was incorrect, in my favor. The home equity line of credit or second mortgage was significantly less than it was orginally quoted. I felt the orginal quote was high anyway (8.375%) but I knew my credit wasn't perfect and my debt to income was also not great. I wanted to get into the house and planned on refinancing in a year anyway. At close however, the rate was listed as 4.375% for the second mortgage. The closing attorney noticed it, I looked at it, and the loan officer saw it and said it must be an error but couldn't get a hold of anyone to confirm. On the 14th of January I received a call from the loan officer asking me if I had received any papers. It turned out he had some papers dropped off for me on the 9th of January, saying the original rate was an error and including a new agreement with the 8.375% rate that I am supposed to sign. I do not see why I would have to sign anything regarding changing the interest rate after the close, even if they made a mistake. Am I wrong?

[HomeGuru]

duplicate post.

[annefan]

And if the roles were reversed and you found an error in THEIR favor after closing, would you want it corrected?

[HomeGuru]

Of course, but since this is a duplicate thread, let's keep all responses on the other thread please.

The problem was noticed AT closing. I understand where you are coming from BUT if it there was a problem in their favor and I tried to get it rectified 3 weeks after closing do you think they would help me? If they had made a mistake and had an interest rate of 12% when we agreed at 5% and I still signed it, I doubt there would be much I could do about it. There shouldn't be any mistakes like that at closing and if they are, and it happens to be in my favor, I would be an idiot if I didn't at least TRY to hold them to it. Don't you think?

[HomeGuru]

Originally posted by HomeGuru
Of course, but since this is a duplicate thread, let's keep all responses on the other thread please.

[annefan]

Damn, I hate that.

[HomeGuru]

Originally posted by annefan
Damn, I hate that.

**A: what, duplicate threads?
We were posting at the exact same time and you did not know that I responded to the other thread. We gotta stop meeting like this.

[annefan]

[HomeGuru]

Nice.