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Rate Lock Extension

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New Member

Rate Lock Extension

I was scheduled to close on my home on 7.31 and due to some issues with getting repairs done by the seller I have had to move my closing date to 8.29. I am now being hit with a rate lock extension fee because my lock expired on 8.9. The seller is not willing to help cover any of these costs. My question is can I negotiate with my LO to get the extension fee lowered?

He originally told me it would only be .008/day because we thought we might close on 8.16 when he found out it may take longer he bumped it up to 0.020/day.

I feel like I’m being punished for someone else’s mistakes with this lock extension fee, any suggestions would be greatly appreciated!
Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Rate Lock Extension

This is what you have a Real Estate Agent for. Tell her/him it’s between the agents and this is the sellers fault and you will not pay one dime!
This is the sellers fault. Get your agent to do Their Job!
Message 2 of 5
Established Contributor

Re: Rate Lock Extension

With the recent rate drop and possible upcoming rate drop in September, some times it may better to let the lock expire and re-lock. Most lenders have a 30 waiting period before you can request a new lock.

 

That aside, I can't even begin how many rate locks I have covered for my clients.  I consider this good business practices for myself as an LO's and for Realtors.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 3 of 5
New Member

Re: Rate Lock Extension

Is there anything in particular I could/should say to my LO to convince him to cover or lower the extension fee?
Message 4 of 5
Valued Contributor

Re: Rate Lock Extension

Do you have a Realtor? This frankly is not your lenders problem, it’s your sellers and the realtors problem. Your Realtor should be negotiating this that’s what they are paid for.
Message 5 of 5
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