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Lock-in without looking back

More Articles:

*When is the right time to lock?

*What if my lock-in period expires?
*Should I get my lock-in in writing?

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What if my lock-in period expires?


Whether it's the result of a misplaced document or a delay stemming from construction issues, lock-in periods can and do expire. It's not the end of the world. Lenders will often let you extend your lock period—although you may lose a favorable interest rate and the number of points you had locked. If your lock-in expires, most lenders will offer you a loan based on the current interest rate, which may very well be higher. You can help the loan process along by promptly responding to your lender's information requests. Better yet, ask how long the lender expects to take to process your loan before selecting a lock-in period.

 

 

 


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