How are you? Thank you for your online inquiry. Sorry to hear about your delay of your new home construction purchase. I would suggest you to speak with your mortgage loan officer and see if he/she could offer you a re-locking of the rate without any penalty. Come to think about it, the rate now could possibly be much lower and better than 60 days ago when you locked it! If the loan officer cannot resolve your issue, try speaking to his/her manager or the top management staff to see if they could resolve your issue.
If all fails, you could try to consult with a lawyer and see what they can do for your situation. Hope that helps and good luck with everything!
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You have a couple of options. Ask your Realtor if the seller will pay for the rate lock extension.
Ask your broker what happens if you want to extend the rate lock. Ask your broker if he can switch lenders and re-lock the loan and save you some money. if you have an FHA loan you do not need a new appraisal so it will not cost you anything.
My suggestion is the latter. It may actually save you some money.
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
On new construction, I doubt that you can try to get the seller to pay an extension fee. I would say it is your loan officer's fault, knowing that you were buying new construction, not to realize that you have to know more about when the house will be ready before you lock in a rate. What you may want to do, is have them cancel your rate lock now, and relock it at a much later date. I know you are probably locked in at a very good rate, but a good rate is only good if you can close during your rate lock period.