None of my lenders will even speak about extending an expired rate lock. What they , the broker, more than likely are doing is waiting for rates to come back down because they let the lock expire.
2 things could have happened here; 1- dropped the ball by letting lock expire and didn't realize it until it was too late, 2- if you are not paying a broker fee he could not afford to extend rate with his fee from bank because it was not enough to cover the cost of an extension.
I can't tell you for sure what did happen but these are 2 possibilities.
Quote:
Originally Posted by a3593
Hi all! Applied for a refi BEFRORE CHRISTMAS--all kinds of twists, delays, appraisal "reviews" etc, but my broker FINALLY says a week ago that he has recieved the clear to close on my loan, but the closing is delayed because our "lock has expired," so he is waiting to hear back from the lender regarding an "extension." Is this negligence on the part of the broker? This delay is really putting me in a bind because I have to bring money to the table because of the loan to value being just over the threashold of what the bank will do (long story-see my other post.) I am finding it hard to hold onto the money I need to close for the past 2 1/2 months because of many other finacial hardships. (Hours being cut at work, etc.) Any input will be as precious as GOLD!  |
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
