Keith O'donnell at Atlantic Pacific Mortgage quoted me a 3.5% rate on a 15 yr refinancing in November. I had provided all required documentation and then didn't hear back from them for weeks. I emailed him on December 16th asking about the closing date and he informed me that the loan was still in underwriting but that he would give me a fee rate lock extension.
Three weeks later I finally hear from him again and he was apologizing profusely and said that he couldn't honor the original rate, but could get me 3.875%. He said that his company would be taking a loss at this rate— but he was willing to do so. He said that he knew this reeked of a classic "bait n switch" but it really wasn't.
It was.
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