Can a lender change the points after you've locked a rate?

It's possible. If the LTV increased over a pricing threshold, then it could impact the cost of the rate. Ask them to provide the specific reasons the Discount increased. Feel free to reach back out with the details.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300

Mortgage rates do vary by many factors, one of them being loan-to-value. If the lower value from your estimated value moved your loan-to-value past a certain variable point, it is 100% real and legitimate for this to effect your rate or possible points now needed to keep that rate, regardless of what it was originally locked at. Just ask your loan officer to explain. With that said, This is a great example of one of the differences in using application clerks, versus professional Loan Officers. While not an appraisal, I never take a clients word on estimated value, and always run my own computerized valuation check. Then I explain to my clients what my valuation came in at, the possibility of this exact thing happening, and how it will effect your rate if by chance it does. I lend in MN WI IA SD ND. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132