Home Buying in Chicago>Question Details

homebuyer, Home Buyer in Chicago, IL

In order to extend my lock rate, the bank is charging me an extension fee! What are my options?

Asked by homebuyer, Chicago, IL Fri May 17, 2013

The bank has been requesting for more and more document, and I am in underwriting. I won't be able to close on time, and my locked rate is expiring.

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Answers

8
I would talk to my loan officer directly if I were you. None of us on here know your circumstances, situations, etc.

Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
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0 votes Thank Flag Link Mon May 20, 2013
Worst case scenario, You can ask them of an option to relock as per current market, if the current market is a better pricing than the day you locked the loan then you should not have to pay any additional cost. or otherwise your next option is to ask them to wait until the pricing match to the day you locked the loan. Thats if you're not pressing on a closing date. Our best wishes for your purchase.

Moonstar Mortgage Team
953 N Plum Grove Rd Unit B
Schaumburg, IL 60173
Ph. (847) 278-7222
0 votes Thank Flag Link Sun May 19, 2013
Talk with with a lender first
0 votes Thank Flag Link Fri May 17, 2013
one option would be to pay the fee
0 votes Thank Flag Link Fri May 17, 2013
What are terms of your rate lock? Talk to your broker/loan officer.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Fri May 17, 2013
If the delay was the banks fault then they should not charge for the extension. Regardless of the situation a rate lock extension will cost someone - you or the bank. Rates have climbed recently so there is a chance that your rate lock may still be the best option. I would track the transaction and the expectations that were set from the start. As long as you did your part then they really should honor their end of the agreement - go to a manager to get results if the loan officer is not willing to concede. However be prepared - if you did not provide the information within the set time frame then you may run into push back from the other side.
Good luck and should you have further questions feel free to contact me directly
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Fri May 17, 2013
I doubt the new rate would be any higher than the old rate, so what is your lender saying? Back a few years ago when rates varied from week to week a lock made a little more sense than today when rates have been about the same since 2010. To think they will change much, if at all, in a week or two is not likely. What does the lender say about letting the lock die and reissuing a new rate?
0 votes Thank Flag Link Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
I haven't asked for that option yet, but I will take your advice and ask to see where the rates are now. I think they might have come down, since my lock.
Flag Fri May 17, 2013
Before you do that; I would look for another Lender; get their GFE and compare them.
0 votes Thank Flag Link Fri May 17, 2013
Do I have enough time to get approved by another lender?
Flag Fri May 17, 2013
Do I have enough time to get approved by another lender?
Flag Fri May 17, 2013
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