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Answers (13)
- Emmett Clark, "emeryfed"
- Contributions:50
most lenders are able to extend locks. Some aren't. You have to check with your broker. Hopefully they can!
- sapphire12
- Contributions:3
- Dave Skow, "daveskow"
- Contributions:1107
sapphire ...did the refi close on time ? were you able to get rate lock extended ?
- Courtney Cooper, "CourtneyCooper"
- Contributions:377
Ask a mortgage broker, but I thought you could extend your lock - at least that is what we did personally at one time.
- Dave Mason, "DebtFreeDave"
- Contributions:1315
Depends on what rates have done since you have locked. You can extend it however...
- Jason Haugh, "jasonhaugh"
- Contributions:2
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!!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Sapphire, you think you have a 30 day lock? Didn't your broker give you a copy of your Lender's Lock Confirmation? If not, insist on a copy right now!
Once received, you will be sure of your lock situation. If you need an extention, find out if you can only have one extention or does the lender allow two and what is the differnce in fees for different lengths in days. ... Best wishes!
Once received, you will be sure of your lock situation. If you need an extention, find out if you can only have one extention or does the lender allow two and what is the differnce in fees for different lengths in days. ... Best wishes!
- Richard Bills, "HiTechOne"
- Contributions:148
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
- Martin Wareing, "Martin Wareing"
- Contributions:3772
If you had a lock (and do not panic as I believe you do/did), it really depends on the Lender.. For some lenders, the lock can be extended numerous times at a minor cost of 1.5 basis points (EZ math: 15 basis points for 10 days to keep the same rate AMTRUST POLICY).. If loans was $100,000 = $150 in premium or pricing...cheap and insignificant whoever pays for it .. many times it is the Broker who absorbs it.. Another extension is 1/8th point for 7 days and 1/4 point for 15 days (different lender, similar costs, but in specific blocks of time (EVERBANK POLICY))... Finally, the scariest one: the extension is simply worse-case pricing.... If you need 12 days from today and the pricing is worse than the old lock price for 30 days.. you get the worse price.. If the 12 days is better priced.. you keep the old pricing... JUST MAKE SURE THE LOCK IS NOT BROKEN... SPEAK OF EXTENSION WITH YOUR LO. FINALLY,, tell you neighbors, family and friends that 2009 borrowing is NOT THE SAME as the 2005-2006 borrowing... Just like flying before and after 9/11... much different in this rodeo. You will be fine, but the message is getting out finally to expect delays and expect possibly some 'at the last moment" charges like baggage check on American Airlines. Hope that helps, close as soon as possible, enjoy the rate and keep rockin'.
- Dave Skow, "daveskow"
- Contributions:1107
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)
- frisky1
- Contributions:448
Unfortunately Mike is probably right. You should definitely have a copy of the rate lock agreement so demand one today, that'll show you the length of the lock. the lender will prob work with you somewhat and let you pay a little for a longer rate lock. but you could also threaten to go somewhere else and see if that works, or wait to see if rates come down under 5 again. definitely a good idea to go for a 60 day rate lock as the banks appear to be overwhelmed. A friend of mine got his loan done and closed in 12 days but that was for a purchase and I'm guessing they take precedence over refis. good luck.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Ask the broker if the rate can be extended. Be prepared to pay a fee though...rates are up a little sinse you applied.
- Mike Lesmeister, "HomeLoanSpecialist"
- Contributions:11
What happens if I can't close the refinancing by the end of lock ?
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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