Change in loan rate after commitment letter

Submitted by catiba on Mon, 02/02/2009 - 22:05

MA Real Estate Law Questions and Answers

Can my lender force me to pay a higher loan rate (5.375) than the one in my commitment letter (5.125), if the commitment doesn't expire until March 16th? He says he doesn't have any proof that he locked the rate in back when he issued the letter.

Editor's Response

Submitted by The Editor on Wed, 02/04/2009 - 09:39.

Under Massachusetts law, a true commitment letter (as opposed to the more vague pre-approval letter) should bind the lender, as long as it contains sufficient details and all of its conditions are met by the borrower. Depending on the amount of money involved, you may want to talk to an attorney who does litigation, show her the documents, and get her opinion. As usual, the devil will be in the details.

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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com

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