Do we have a legal case?

[aking2]

What is the name of your state? California
A few weeks ago,my wife and i refinance are adjustble rate to a fixed rate. When we arrived at the title company to sign loan documentation, we notice there were several errors. The interest rate was incorrect and the loan program was even wrong. The lender acknowledged their errors and apologized to us. They told us they would correct the errors right away and we could sign the loan documentation the next day. The next day the lender informed us that are original interest rate is lower than their floor interest rate and are original interest rate was no longer available to us. Is this legal?
Does the lender have a legal obligation to are original interest rate?
Any Adivce?

 

[amortgageman]

Did you have a signed locked interest rate agreement?

 

[aking2]

No, we use them before and had no problems.

 

[HomeGuru]

What is the name of your state? California
A few weeks ago,my wife and i refinance are adjustble rate to a fixed rate. When we arrived at the title company to sign loan documentation, we notice there were several errors. The interest rate was incorrect and the loan program was even wrong. The lender acknowledged their errors and apologized to us. They told us they would correct the errors right away and we could sign the loan documentation the next day. The next day the lender informed us that are original interest rate is lower than their floor interest rate and are original interest rate was no longer available to us. Is this legal?
Does the lender have a legal obligation to are original interest rate?
Any Adivce?

**A: unless you have a singed loan committment from the lender at the original rate, yes, the lender can change the rate.