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Answers (7)
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
yes it does and you can lock on a sunday if you want....
- nealadler
- Contributions:199
Typically a lock time frame like 30 days would be calendar days not business days. However, there are times when a lock can be extended. An extension will usually cost an additional fee. There are cases when the loan is a day or so away from funding the lender may as a courtesy extend the lock. This depends on the market. If rates are stable or on a downward trend they may be more favorable to extending the rate a day or so longer at no cost. If the market is rather volatile and rates are on an upward trend and an extension for more than a day or so, the lender will usually charge a fee. The fee can vary on the time extension it can sometimes be as much as a .25 point or more depending on the aforementioned. When working with buyers I work hand and hand with the lender. It is been my recommendation that the loan be locked when the transaction looks solid, meaning contingencies have been removed or headed in that direction. However, if rates are on the upswing locking early may be the best course of action. The bottom line is consult with your agent and lender.
- Don Groff, "Austin Texas Lender"
- Contributions:119
Loans can technically be originated on any day but all days count. As stated below if your lock expires on a holiday or a Weekend the lender will typically roll it to the next business day.
- Keane Ng, "Keane Ng"
- Contributions:297
Some lenders do not let lock days expire on weekends or holidays, so if you lock 30 days and it ends on a weekend or holiday, it MAY be automatically extended to the next business day.
Some lenders also only require you to be SIGNED by the last day of the lock instead of closed.
Most lenders do count all calendar days, do let them expire on weekends and need to be funded by the lock period.
However, every lender's policy is different, so be sure to ask.
Some lenders also only require you to be SIGNED by the last day of the lock instead of closed.
Most lenders do count all calendar days, do let them expire on weekends and need to be funded by the lock period.
However, every lender's policy is different, so be sure to ask.
- Justin Kennedy
- Contributions:692
dthull68,
all correct answer below; in addition, if the lock expires on a Saturday, Sunday, and/or bank Holiday the lock will roll over to the following next business day.
- PrimeSource Funding
- Contributions:17
Hi Dave,
Everyday, including holidays, count towards your 30 day lock. I'm checking on the appraisal and reneg. shortly. Thank you!
- Clay Branch, "Georgia Loans"
- Contributions:7836
Yes, locks include Sundays and plenty of loans are originated on Sunday. You may be thinking of rescission days, Sunday is not counted in that.
Does a 30 Day Lock include Sundays when loans cannot be originated?
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