Rate Lock Question

[Anonymous]

We are trying to close by this coming Wednesday which is when my rate lock expires.  My question is that if we are not able to close by that date what exactly occurs.  I understand that you can request extentions but what does that entail?  Do I end up paying money to do so etc????

[Anonymous]

Good Eveming Blessed,

Once my Appraisal was done then my rate was locked at 4% on 04/05/2012 around about that time.  My contractraual time to close was 04/27/2012, however I was still in UW for approximately two weeks and was sent off to USDA, my MB stated that it will be a 10 day turnaround period.  I asked my Realtor for a two week extension in which the sellers agreed, my rate remained the same at 4%. The only time my rate changed was when my first house fell through with rate of 3.875% and my loan application had to be strated over.

[Anonymous]

Blessed, we had to extend ours. The LO took care of it and because rates dropped this week, it actually covered the cost for the extension. That being said, my LO and Agent were going to split the cost if we were going to have to take it. Agents do that alot, so I would ask about it!