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How long is a lock good?

Hi,
I locked my rate 4 (four) month ago! My refinancing was difficult.

How long is a lock  good? 
What do I need to do to save my locked % and for how longI 
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August 27 2013 - Seattle
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Answers (8)

It ranges based on the lender. I see anywhere from 30-90 days however I work with a lender that has a 12 month rate lock program. Send me a message if you would like his information!
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November 02 2013
Locks range from 15 days to 60 days typically.   You lender should have discussed this with you before you lock your rate.  4 month locks are uncommon for refinances, unless they have used an extension or two.  Locks over 60 days are usually for new construction home purchases.  
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November 02 2013
Typically I lock refinances for 30-60 depending on the borrower and loan product. 

You need to call your lender and ask them when the rate expires.  Your lender should have told you when the rate was locked and when it expired.

A 4 month lock on a refinance is highly unlikely.
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August 28 2013
A call to your lender would answer your question.  Or you can look at your GFE (good faith estimate), on page 1, near the top it shows your lock in period and lock expiration date.  The GFE is required to be given to you, either via email, secure link, or physical mail.
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August 28 2013
Usually rates can be locked in anywhere from 15 days to 90 days. By now it's likely that your rate is no longer locked in because 4 months is a very long time. Unfortunately, rates have gone up a bit since then as well so if you are still interested in refinancing you will most likely get a higher rate than before. Luckily, there are still lenders out there, like myself, that can still offer competitive and great rates so shop around for different lenders to see what we can do for you.

Well I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!Good Luck!
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August 28 2013
Lock terms range from 15 days to 90 days. It is highly unlikely that your current rate that was locked 120 days ago is still valid. Your best option is consult your mortgage advisor to find out! Best of luck!
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August 28 2013
When you lock a rate with a mortgage lender, you lock at a specific rate and pricing over a specific period of time.  Lock terms can range from short term such as 15 days to longer terms such as 30, 60 and 90 days.  A mortgage lender will issue a rate lock confirmation which specifies the details of the lock.  Mortgage lenders may have rate lock extensions or relock policies available.  Check out what you have and see what options are available with your mortgage lender.
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August 27 2013
usually a lock is good for anywhere up to 90 days.

it depends how long of a lock the person that was helping you decided to lock int he rate for. hopefully they had an idea ahead of time regarding how complicated your loan is/was and can plan the lock period accordingly.

odds are the lock that you have has expired but with rates much higher than they were 4 months ago, they have paid for lock extensions as they is probably cheaper than taking the current interest rate sheet and buying down the to where rates were 4 months ago.

good luck
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August 27 2013
 
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