Zillow Advice: Mortgage - my closing got delayed and my locked in rate is expiring. http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ Zillow Advice | Zillow Real Estate In our area, you more than ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ In our area, you more than likely have to re-do the loan to lock a lower rate, from what I understand. However you need to make sure you're not responsible for the fees of extending the lock.&nbsp;<br/><br/>Thanks&nbsp;<br/>Katy Thu, 10 Oct 2013 17:27:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T17:27:00Z What the lender is telling ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ What the lender is telling you is true but <br/>The lender should offer a float down policy.&nbsp;<br/>If it is a significant drop then&nbsp;tell them you will switch lenders and I am sure they will come up with a solution<br/> Thu, 10 Oct 2013 17:16:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T17:16:00Z Many lenders offer a float ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ Many lenders offer a float down policy for this reason, different lenders vary. Also in an improved market situation, they should be willing to waive the extension fee and if the delayed closing is the builder's fault, I would speak with your agent and have them cover the extension in the event your lender wont work with you! Thu, 10 Oct 2013 14:57:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T14:57:00Z NSRV,In a declining rate ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ NSRV,<br/><br/>In a declining rate environment, there are different types of lenders:&nbsp; Those who have the flexibility to negotiate a lower rate for you if the decline is large enough and those who do not.&nbsp; <br/><br/>It sounds like you have a lender who has a locked in pipeline which would not allow for re-negotiation.&nbsp;<br/><br/>Short of applying for a mortgage with a new lender and starting the process over again, I would try to be a squeeky wheel and see if it gets you anything.&nbsp; They may not be able to reduce the rate, but perhaps they may be able to negotiate on some of the fees.<br/><br/>Good luck. Thu, 10 Oct 2013 12:51:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T12:51:00Z "That doesnt sound accurate ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ "That doesnt sound accurate but check with a few other lenders in your market place."<br/>---------<br/>Well, it is accurate and why are you answering if you don't know the answer? They don't need you to tell them to check with a few lenders because that's exactly what they did by posting this in the MORTGAGE section. See, that's what advice forums are for.&nbsp;<br/><br/>Why do so many agents feel obligated to weigh in on things they don't understand then try to disclaim it away by stating, "but check with a lender?"<br/><br/><br/><br/><br/> Thu, 10 Oct 2013 06:59:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T06:59:00Z NSRV,Your lender honestly ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ NSRV,<br/>Your lender honestly is telling a truism here and in this day and age he would probably love to get you that lower rate.... that helps in getting referral's. <br/>Why is the lock expiring? Is it due to the construction, it sounds like this is a new home? As long as it is not your fault I would ask for upgrades for the home&nbsp;or rebates... only&nbsp;if you can't get them to arrange for a buydown of the rate on your mortgage. Don't hesitate to mention the fact that the government shutting down is not your problem, as of yesterday there has been a lot of talk about massive delays coming up. Thu, 10 Oct 2013 03:48:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T03:48:00Z This is indeed accurate.&nbsp; ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ This is indeed accurate.&nbsp; The bank has set aside that amount of money for you.&nbsp; If you want to relock at a lower rate, you have to switch banks.&nbsp; You might try nicely threatening that you will switch and have your lender talk to the manager.&nbsp; Thu, 10 Oct 2013 03:26:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T03:26:00Z That doesnt sound accurate ... http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ That doesnt sound accurate but check with a few other lenders in your market place. &nbsp;Ive had some bad luck &nbsp;with builders and builders lenders lately. &nbsp;Not all of them are bad, But some of them you need to watch.&nbsp; Thu, 10 Oct 2013 03:23:00 GMT http://www.zillow.com/advice-thread/my-closing-got-delayed-and-my-locked-in-rate-is-expiring/514773/ 2013-10-10T03:23:00Z