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In Response To:
Thread Starter: Anonymous
Title: Re: Need help - am I getting the short end from bank?

New to this all. Working with a large bank to purchase a new construction home. The bank told us when we get a contract with the builder to call them so they could lock in the rate.

Now the bank says the rate lock is for 90 days (expiring 6/7) but the house won't even be done until around 6/24. Again, new to this and it wasn't explained well to me. The bank wants us to tell the lender to move back the closing date so this rate lock can expire and start all over again. Should I tell the bank that I am keeping my rate lock they gave me and its their problem?

Did the bank already sell the note and now they are worried they are stuck if the house is never built? Am I on the short end of this deal?

Please Help!