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11-14-2004, 11:36 AM
| | Junior Member | | Join Date: May 2004
Posts: 21
| |  Lock in fee
What is the name of your state? Ca.
Yesterday afternoon, over the phone I locked in an adjustable rate with a mortgage co. that charged me $600 on my credit card for a lock-in rate. They said it would be refinded when the refinace funded. I have decided (after sleeping on it) that I should keep my fixed rate. The mortgage co. over the phone did tell me that I would lose the $600 if I decided to cancel. I did not sign anything, but I did give them my credit card #. Is there any way out of being charged the $600 since I have signed nothing and it has been less than 24 hours? |
11-14-2004, 10:15 PM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by jt123mim What is the name of your state? Ca.
Yesterday afternoon, over the phone I locked in an adjustable rate with a mortgage co. that charged me $600 on my credit card for a lock-in rate. They said it would be refinded when the refinace funded. I have decided (after sleeping on it) that I should keep my fixed rate. The mortgage co. over the phone did tell me that I would lose the $600 if I decided to cancel. I did not sign anything, but I did give them my credit card #. Is there any way out of being charged the $600 since I have signed nothing and it has been less than 24 hours? | Call your credit card issuer asap and see if they can help.
Most states prohibit non-refundable deposits, but not all. | |
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