Electronic Signature on Refinance
I found a good rate online and locked-in a rate with a digital signature. I just found a better rate. Can I break the contract?
Just started the process for refinance of mortgage. We just did the electronic signing online preliminary and locked in on a rate. Did not sign anything physically. We found a better rate. Can we stop process now with no penalty? Are we committed to this lender or can we move on?
Published: Nov 10, 2010
- A borrower can back out of some online refinance contracts for any reason.
- Other online refinance contract are binding on both parties.
- Consult with an attorney to review the contracts language.
The answers to your questions can be found in the document you signed.
In some online refinance contracts, the borrower can back out of the deal for any reason whatsoever. In others, the borrower can back out if they find a better deal. Other online refinance contracts are binding and have no escape clauses for either the borrower or the lender.
Print the contract and read it carefully. If the language is unclear, take the contract to an attorney in your state who has experience in contract law. He or she will be able to spend a few minutes with the document and advise you precisely.
Bills.com makes it easy to compare mortgage offers and different loan types. Visit the Bills.com Mortgage Refinance Savings Center to get no-cost quotes from up to five pre-screened lenders.
I hope this information helps you Find. Learn & Save.
Best,
Bill
