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Profile picture for falsedawn

Rate locks and closing dates

Is it necessary to close on your purchase before the rate lock expires to get the locked rate?
For example, if I got a rate lock today (15th April) for 45 days, but couldn't close on a house until June 15th (60 days), would the lock expire on June 1st and I'd have to take a new rate, or would they "hold" the mortgage for 15 days until we closed?

  • April 15 2010 - Pomona
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Answers (5)

Profile picture for tonygim
It is only locked for the days you agreed to.  If you think you might need more time get a 60 day rate lock.  Keep in mind it will take 10-15 days longer than anyone tells you.  Rates are likely to rise.
  • April 16 2010
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Profile picture for DaveAndersson
Some lenders won't allow multiple extensions if you ran into complications with getting closed by June 15th. You would then have to deal with worse case pricing plus a possible re-lock fee. Make sure the lender can close the same day the lock expires, some require the package to be shipped to the final investor.
  • April 15 2010
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Profile picture for falsedawn

Thank you.

  • April 15 2010
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The lock would expire and you would have to pay an extension fee for 15 days if present market was worse. Probably better served doing a 60 lock initially, as extension fees are typically more costly.
  • April 15 2010
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Your rate lock needs to cover you through your closing.  A 45 day rate lock when you need 60 is worthless
  • April 15 2010
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