we applied for loan refi with Union Bank. After submitting all necessary documentation including income information we received good faith estimate and rate lock agreement. Now lender says we don,t qualify for an economic opportunity mortgage because our income is to high and they want to put us in in another mortgage product at a higher rate. I feel like we might be the victims of a bait and switch. Since the companies rate lock policy clearly states it to be a guarantee, can we hold them to the agreement?
thanks for any advice provided.
Read more: With all documentation provided upfront can lender change printed rate lock for not meeting income guidelines?
