what if we can't close by the rate lock expiration

Freaking out slightly.

Our rate lock expires Sept. 21, but now we may not be able to close by then! AAHHH!

My attorney said to try to call the bank to see if they will extend it (they would normally charge a fee) for us... I'm waiting for the bank to call me back. Does anyone have any idea what the fee would be?

Would they lock us into today's interest rate in the event we close after that date or something? Should we look into another mortgage lender? Then we'd have to pay an additional appraisal fee, etc.

I'm just trying to figure out my options here before we sign the contract.

I feel like an idiot for locking too soon. At the time, the sellers were adamant about closing by September 1st and we were doing what we thought we needed to do in order to accomodate that date.

Any other options?

Re: what if we can't close by the rate lock expiration

Re: what if we can't close by the rate lock expiration

Re: what if we can't close by the rate lock expiration

Also - how far in advance did you work that out with them? Do you think there is anything they can do for me now, even though we're more than 45 days until the lock?

Re: what if we can't close by the rate lock expiration

It wasn't anything that had to be worked out with the bank, they just told us the per day cost to extend the lock. I believe it is fairly common. I would check with Wachovia.

Re: what if we can't close by the rate lock expiration

HSBC charges a fee as well, but the lock-in period is 120 days, so they are extra generous to begin with.

Re: what if we can't close by the rate lock expiration

Thank you so much for your help and the information.

I got in touch with the bank. They will allow us to extend the lock for a fee for up to 30 days. (1/8 point for 7 days, 1/4 point for 14 days, etc.)

Our attorney is calling the other attorney to get the date in the contract changed to state Sept. 1. This way, at most I figure we'll pay 1/4 of a point, more likely 1/8 of a point, and hopefully nothing at all. (Luckily, it's not a huge mortgage!)

The bank says all their paperwork is cleared to go on their end, so they shouldn't have a problem closing the loan before the lock expires. My attorney thinks we'll have title in time. The sellers were extremely motivated and wanted out, so hopefully they will be cooperative.

this works out!