Lender wants to change commitment rate

02-02-2009, 08:44 PM

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Join Date: Feb 2009

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Lender wants to change commitment rate

What is the name of your state (only U.S. law)? Massachusetts

My lender told me over the phone and sent me a commitment letter 4 weeks ago with a loan rate of 5.125. Tonight he called and said he hadn't been able to get any proof online that he had locked the rate in and so I would have to go with a rate of 5.375. I have the letter that says the rate is good until March 16th at the original 5.125 percent. Can the lender now insist I accept the higher rate, or is he responsible?

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