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mortage law;?

recently decided to sell home listed with major realty co after more consideration decided to remain and remortage and fix place up obscene % rate now 12.5 offered by 2 different mortage lenders 6,3 and 6.8 when it was disclosed recent listing on mls both companies withdrew offers and counted with 10% olus interest rates any suggestions

The issue is by listing the home then trying to refinance there is often a 6 month post listing waiting period before many lenders will offer a non risk rate again. They do that to protect their note buyers from being paid off too soon. During this interim period they have a stiff pre-pay added into the rate to make the risk sellable. There is no law about it, it’s just their policy. Their main reasoning for such a policy is that a house just off the market might have an interested party return and a deal made. The refinance loan might be only a month old and now paid off in the sale. The buyer of the loan would get no seasoning or any chance to flip the loan. Therefore a stiff deterrent added to the loan or rate will still make the loan attractive to the mortgage investors. It isn’t fair but it is the way lenders work to protect their rating with investors. The very important lesson here for all is to never list a property for sale if not sure one wants to sell it. The other side of this would have been to refinance first and then sell and pay the pre payment penalty. That would have also been costly also but had it not sold the rate would have been lower on the surviving loan.

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