Can you walk away from mortgage refinancing without a fee, because they did not lock in the rate?

Question by SUSAN D: Can you walk away from mortgage refinancing without a fee, because they did not lock in the rate?
A mortgage broker friend was helping me with refinancing my mortgage for a lower rate and 15 years. I received the good faith estimate and truth in lending and decided to refinance. I filled out all of their financial paperwork and signed the documents and provided financial history information. Now he tells me that the “assistant” did not lock the rate and he is giving him another week to try to secure it at the rate in which we agreed to move forward. Do I wait the week and see what happens or tell him forget it b/c this seems like dirty business to me? Since I signed documents to move forward can they charge me?
And can I have the documents back that I provided for security of information reasons?
Really need to decide by the end of this week. Somebody’s advice would be really helpful!!

Best answer:

Answer by maocom1
The best answer would be no they cannot charge you a fee, but you are not obligated to the loan until you sign at the closing attorney’s office or assigned closing notary and the three day recission period has ended. Your documents questions is that if you sent originals they can provide them back to you, but by law they have to keep a copy of those on record even if they didnt close the loan in case of audit. Be assured that most all the shady loan places have gone out of business or been put in jail. The Mortgage industry is very tight and secure now and you should not have much to worry about. You have a better chance of identity theft from mail than an mortgage orginator, because all originators have to go through a strict background check. The probable reason the loan didnt get locked is because market rates change daily and recently they skyrocketed quickly. If you would like a second opinion check out this site you do not have put personal information such as social to get a detailed quote.

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