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Lender rating
Since October 2009
You need to tell your broker that you want a rate lock extension. There is typically a fee associated with this. If they are unwilling then you would get the current market rates.
Good Luck!!
Lender rating
Since January 2009
You need your commitment extended. Currently extension fees are somewhat costly. It sounds like you haven't receive a loan approval. It that is true, you will need at least a 15 day extension at a cost from .25% to .375% of your loan amount. I think the curent rate at no points would be closer to 5.5% . .. get the extension but make sure that is makes sense to pay the fee - in the big picture view. If todays 4.875 rate cost you a half point origination fee but you can get an extension for .25 . . you see what I mean. Make sure that your lender can get it closed in 15 days though....best of luck
Lender rating
Since October 2009
if you are refinancing you would have needed to sign the paperwork today in order to have been able to close by 2/5 ( due to the right of recission period of 3 days )....so you will definitely need to request a lock ....hopefully your broker has already done this .....if the delay in closing is due to the lenders backlog , sometimes a lock ext can be obtained for free ( or at least a low cost )...if the delay was caused by you not furnishing the data needed to complete the loan , be prepared to pay for the lock or possibly lose it ......main thing is to ask this question to your loan officer now to find out the details now ( versus waiting until the 5th)
Lender rating
Since August 2009
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Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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What happens if I can't close the refinancing by the end of lock ?
sapphire12
Contributions: 3
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My question is what if I can't close by the deadline, would I loose 4.875% 30year no point deal altogether and get the current rate of over 5% ?
thanks,
S
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