Author Topic: Interest Rate "error" on refi?  (Read 670 times)

Mgmny

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Interest Rate "error" on refi?
« on: March 11, 2020, 07:30:34 AM »
Not sure if this is the right forum, but ya'll are probably the most well versed in this.

Yesterday, i looked at refi-rates at my local credit union. it was reporting 1.9% rate on 5/1 ARM. I called to see if i could refi from my 3.75% fixed 30 year to the ARM. The guy sorta hemmed and hawed and said their calculator was broken, and that we should connect tomorrow when it's fixed (so, today). In the meantime, i filled out the application on their website and submitted all supporting documents.

I just got off a call with him, and he said that due to the incredibly low 5-year treasury, they revamped their 5/1 ARM product to include more margin, and now the rate is 2.7%.

I took a screenshot of their published rate of 1.9% yesterday. There is a disclaimer that says, "rates subject to change without notice" but I'm wondering if the Truth in Lending Act requires them to honor the 1.9% that they displayed on their website yesterday because that is when i submitted the application?

I understand this is a long shot, but i figure it's worth the ask.

Omy

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Re: Interest Rate "error" on refi?
« Reply #1 on: March 11, 2020, 07:32:03 AM »
I'm pretty sure you won't win this fight.

Mgmny

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Re: Interest Rate "error" on refi?
« Reply #2 on: March 11, 2020, 07:42:12 AM »
I'm pretty sure you won't win this fight.

I mean, that is my thought too. Even if TILA says they have to, it would probably require a lawyer, not just a strongly worded email from me... and at that point, not worth it.

Dicey

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Re: Interest Rate "error" on refi?
« Reply #3 on: March 15, 2020, 12:51:37 PM »
Just wait. Save your energy for something more productive. Rates will continue to fluctuate for the short term. In the meantime, get your papers in order so you're ready to go on a moment's notice.