Question about locked rate?

glendazamot · ‎05-31-2013

I just noticed that my 3,25% rate is locked until 6/13. We dont think we are going to be able to close by then. Maybe like a week later? Can someone please explain to me how this lock rate can be extended? Its a USDA loan if it helps. Loans just went to USDA today and they are running about 10 days behind.

EmpressLuv · ‎06-01-2013

Ask your loan officer to extend it. Our loan rate was 3.25% as well and was set to expire on 5/28 and our closing was 5/30, she told me she would extend it when it got closer to it and when I checked she did extend to 5/31.

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glendazamot · ‎06-03-2013

Good info! thank you!