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Rates are up today. Today’s rates with no lender fees are 3.615% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)

So, who pays for a rate lock extension when it expires? Well, the simple answer is either you or your loan officer – depending on who caused the rate lock to expire.
Check it out in today’s video:

But today is more about how you, as the borrower, can make sure that you’re not at fault. Now, no one wants to assume responsibility when a loss of money is involved, so here are 4 things to prevent having to pay for a lock extension during your transaction.
1. Ask your loan officer how long their turn times are. Let them tell you what is needed 30 day 45 day or yes even a 60 day lock is not uncommon with some lenders.
2. At the time of application you must provide ALL documents needed to get your loan done and also any other supporting documentation needed later on in the transaction with NO delay.
3. Communicate with you loan officer as much as possible to make sure the process is going smooth and there is nothing you need to be doing on your end.
4. Make yourself available for the loan closing time and schedule it well in advance. Missing your loan lock by a few days because you had a nail appointment just doesn’t make sense. A lock extension is not cheap.
If you do all these things and still need a lock extension, you should be looking at your loan officer to cover it or the company they work for. Each company will have a different policy on that, But as long as your not paying for someone else’s mistakes. But remember if you are the one holding things up don’t expect the loan officer to cover that expense. If they can prove you were the delay you will have to pay up.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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