🚀 go-pugleaf

In article <1992Feb7.073134.15183@pbs.org> kellsworth@pbs.org (Video Magician) writes:
>What reason did they offer for not allowing you to lock at the lower
>rate?  Surely they had an explanation for their action.

I received 2 different explanations from 2 different loan officers.

In a conversation with one of the Columbia First loan officers who was
offering lower rates, I asked why my loan officer at Columbia First
would quote higher rates.  He said they have a number of different
programs and each one has different rates.  When I asked him how many,
he said 6.  Then, I asked him to give me the names and rates of each
program (hoping to find one that matched the rate which had been quoted
by my loan officer that day), and he put me on hold. After a while, I
finally got so mad that I hung up.

When I confronted my loan officer about his rates, he said that some 
loan officers will cut their commissions to get your business.  He said
the rates he was quoting, were the rates that the Columbia First had
given to him on his rate sheet.  During the  conversation he also added
comments such as: You've done well by floating, look how much you've
saved; With the way interest rates fluctuate, 1/4  point is not very
much.

The fact is my loan officer offered competative rates at first to get
my business. Then, when I had no time to get another loan, his rates
went up and were no longer competative, not even with his own
institution.  I'm not sure what I could have done differently,  but I
can think of a lot of uses for that $400.