Over the past two months I have been recommending that clients allow me to lock their interest rates as soon as the application is taken and the loan submitted to the lender, normally 24 hours.
Most clients accept the recommendation and lock during this kind of interest rate market that we are in, but not all. Some just figure they would rather float and wait for something better.
This was an $81,000 refinance for 15 years. At the time the interest rate was 3.25%, he was hoping for 3% or less. The file is now clear to close except for locking the rate, but a rate today would be 3.875%.
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When I reviewed current rates with him, he got nasty and told me what I could do with the mortgage and hung up. Well, it is never fun to get fired, but it happens. I emailed his appraisal, a denial and an apology for not fulfilling his expectation.
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How would you have handled this situation?
