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My rate (or the fees) changed between my Loan Estimate and my Closing Disclosure. What do I do?

First, ask your lender to explain why your rate or fees have changed. 

There may be a specific reason – if something important has changed or wasn’t included in your original Loan Estimate, for example, or if your income or assets turned out to be different from what you had estimated at the time of application. It’s not uncommon for some closing costs to change somewhat, but there are legal rules about what can change and by how much. Learn more about which fees can change and which can’t.

If you have a rate lock, your rate and points should not change, but there are exceptions. Rate locks typically only guarantee your rate if nothing changes about your application.  If something important changes – for example, the home is appraised at less than the sale price, or your lender cannot verify your income – then your rate may change.  If you have a rate lock and your rate has changed, ask your lender to explain why. Learn more about how rate locks work.

If you’re not satisfied with your lender’s explanation, you can always stop working with that lender. If the rate or fees have changed significantly, and you are unable to reach an acceptable solution with your lender, consider other options. You can choose another lender.  You may be able to negotiate with the seller to delay the closing until you can arrange for a new loan with a different lender.

Even if you decide to work with a different lender, you may have rights to compensation from the first lender if the changes were illegal. You may want to consider calling an attorney. You can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). We’ll forward your complaint to the company and work to get you a response, generally in 15 days.