http://www.refiadvisor.com/pblog/mortgage-rate-lock/verbal-interest-rate-lock/ Expert Mortgage Refinancing Advice You Can Trust Sat, 11 Feb 2012 02:15:20 +0000 hourly 1 http://wordpress.org/?v= http://www.refiadvisor.com/pblog/mortgage-rate-lock/verbal-interest-rate-lock/#comment-9232 Kalyan Fri, 11 Mar 2011 11:56:42 +0000 http://www.refiadvisor.com/pblog/?p=1677#comment-9232 I recently applied for 5/1 with a rate lock. I have received broker letter stating the rate not directly from the lender. a) if some one want to walk out from a broker what fees the borrower is obligated to? In the paperwork it says things like appraisal fee is non-refundable. Is this fee refundable if appraisal has not started or appraisal is canceled by the borrower in the last minute? b) is it wise to go with zero closing costs as that allows refinancing after say a year (assuming lender does not allow refinancing within a year)? I recently applied for 5/1 with a rate lock. I have received broker letter stating the rate not directly from the lender. a) if some one want to walk out from a broker what fees the borrower is obligated to? In the paperwork it says things like appraisal fee is non-refundable. Is this fee refundable if appraisal has not started or appraisal is canceled by the borrower in the last minute? b) is it wise to go with zero closing costs as that allows refinancing after say a year (assuming lender does not allow refinancing within a year)?

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