Question by see plourde: At what point in my mortgage refinancing am I still able to withdraw my loan request in favor of a better rate?
I locked in when my lender offered 5.5% but now rates are in the 4%s. I’ve turned in some signed documents and the closing is next week. What are my options? Can I reneg?
Answer by pickmefirstplz
if you have not signed the papers for the loan not the application you can reneg
Know better? Leave your own answer in the comments!
Depends on which papers you have signed. If there is an early repayment penalty, you could be stuck with it, check the documents. In any case, it will probably be better to pay the penalty and refi, just crunch the numbers. The “lock in” is for them, not you. You can always pay the loan off early, but they have some expenses incurred at this point, they have a right to be repaid for them.
If you are looking for the best mortgage refinancing site, try this site
Here you can find the lowest interest rate in your area