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Mortgage rate dropped during lock period - lender does not reduce my rate

Question:

I am refinancing personal residence loan from ARM to 30 yr fixed. During the rate lock period, the interest rate offered by lender went down by 0.25 as published on their web site. I requested for the reduced rate, but the lender denied arguing that they had taken a position in secondary market the day the rate was locked. Also the cost of doing this "reduced rate" loan now will be higher.

Answer:

You need to go to another lender. That's it.

Did you already pay for anything - appraisal, or some 'to-be-refunded application fee'?
You will probably lose that.

I once started an application with DiTech. I paid $300 application fee, then the next day found a cheaper lender (Citibank).
Citibank waived all the 800 fees which meant around $1500 on my $130k loan. (Same loan terms)

I called Ditech and told them I will work with Citibank. I did not care about the $300 since Citi's loan would save me $1500 in fees at the same loan terms
.
Ditech was actually very fair and refunded the $300 to my credit card.


Generated 16:00:53 on Dec 14, 2019