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I chose the XXXX XXXX as my lending company as they offered the lowest rate. I was given a VA lock set to expire in XXXX with construction completion scheduled for XXXX. As delays began to occur, I reached out to the lender to express my concern regarding raising interest rates. I received what appeared to be an official letter, on company letterhead, signed by XXXX XXXX himself which stated " Please let this letter serve as verification that we will lock your VA rate at 3.75 % ( 30 years ) for 90 Days ( tomorrow ) for the purchase XXXX XXXX XXXX XXXX AL XXXX. Should construction not be completed per VA standards within the 90-day period, we will extend or relock your rate for no additional fees in the form of origination costs, discount points, underwriting or processing fees. This applies to lender fees only as we can not control 3rd party costs. '' The mandatory language of " we will '' set my mind at ease and I didn't pursue another lender or concern myself with rising rates. Now that a closing date has been set I was sent an email from the lender with a rate adjustment based on current market conditions of 6.1 %. Of course it came with an apology and statements such as there's nothing they can do. The agent went as far as to say they felt so bad about the situation they tried to waive their commission but unfortunately was unable to do so. I called XXXX XXXX who expressed the same sentiment and after I said his actions were unethical and I would be filing a complaint, he attempted several times to offer me a better rate. I decided to change lenders as I have lost all trust and confidence in the XXXX XXXX and have lost tens of thousands of dollars over the course of my loan as a result of XXXX XXXX 's unethical business practices. I should've been given the opportunity months ago when I expressed concern to find a better rate to lock into instead of being sent a letter that isn't worth the paper it is written on. Any help resolving this matter is greatly appreciated. I will be seeking legal representation to recoup monies lost due to this fraudulent letter.
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