Profile picture for excapt204

Will I have to pay for a rate lock extension?

I was locked in on a purchase of a short sale which fell through. My rate will expire in 1 week and we are accepting a counter offer on a new property today. When I go to contract on the new house, will I have to pay for an extension or will I just have to lock at the new rates?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009 - US
We think we've answered this question for you!
 
 

Replies (3)

You will have to pay for a new rate lock extension. However, you may be able to get the person originating your loan to pay for the extension out of his comission, by threatening to just cancel the whole application and restarting with someone else if you are so inclined.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009
You may have already lost the rate lock.  Many companies will not transfer rate locks between properties!

Elias-I would tell the borrower to take it elsewhere...I don't know if you know this or not rates have been getting worse so by leaving the borrower will end up paying more!  I don't see how that kind of a threat is in the customers best interest!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009
if the intial lock was for one property ( which fell through) ..the rate lock is likely  not going to be able to be used  for another property anyways ...Lock normally goes with the property) ....( at least in my experience)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
The Biggest Lie in Mortgages
Profile picture for Pasadenan
Latest reply by Pasadenan
June 04 | 14 answers
What is FNMA LLPA?
Profile picture for Gene Neal
Latest reply by Gene Neal
May 17 | 3 answers
got perfect credit history, but a Chapter 7 Bankruptcy in 2007 - how can I buy at good rates?
Profile picture for David Wood
Latest reply by David Wood
April 09 | 7 answers
Rentibng first property before moving in
Profile picture for Jeremy Locke
Latest reply by Jeremy Locke
November 04 2013 | 2 answers
Who to go through for Mortgage Loan.
Profile picture for Brookstone Mortgage
Latest reply by Brookstone Mortgage
October 29 2013 | 9 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google