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BizLawyerNate, Attorney
Category: Business Law
Satisfied Customers: 10685
Experience:  7 Years of Legal Experience Representing Small Business Owners
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If a person decides to build a house because of low interest

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If a person decides to build a house because of low interest rates, then the bank agrees to the loan and says they have locked in the interest rate, then the person goes ahead with the house, the bank says there is no proof the interest rate was locked in, now there is a higher interest rate, what should the person do?
Thank you for your question.

Was anything signed? And if so, do you have a copy of it?
Customer: replied 5 years ago.
Apparently, the bank official said the interest rate was locked in. The person did not read the contract carefully enough because he signed the contract and the interest rate being locked in was not in the contract. The bank says there is nothing they can do.
Customer: replied 5 years ago.
Is there anything the person can do about this other than go to another bank because the first bank told him something that wasn't true i.e. that the interest rate was locked in?
If it wasn't locked in within the contract, it was never agreed to by the bank. Did the bank make a verbal assurance that it WAS locked in?
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Customer: replied 5 years ago.
The bank official definitely said the interest rate was locked in. The person should have read the contract more carefully