Posted on: 05th Dec, 2010 10:11 pm
folks,
we locked our home mortgage rate for refinance when it was a real good time (around nov 10th). however, the agent who locked has not been professional. she sent the appraiser just yesterday (after almost 3 weeks of delay). basically, we now have just one more week to get the loan approved by the underwriter. this could be a short time. i am trying to understand what my options are.
our lock expires on dec 10th (friday). however, the agent is offering us two more days of extension (saturday and sunday) at her own expense. i don't really understand what weekend would buy us. although the whole delay is her mistake, she claims she is "doing us a favor."
she is also saying that, in order to lock for 3 more days, we would need to pay 0.25 points. is this normal? this looks like an awful lot of money for just 3 days of extension. plus, i don't even know if 3 days would be enough at this point.
i would appreciate any advice that you may have.
regards,
peter
we locked our home mortgage rate for refinance when it was a real good time (around nov 10th). however, the agent who locked has not been professional. she sent the appraiser just yesterday (after almost 3 weeks of delay). basically, we now have just one more week to get the loan approved by the underwriter. this could be a short time. i am trying to understand what my options are.
our lock expires on dec 10th (friday). however, the agent is offering us two more days of extension (saturday and sunday) at her own expense. i don't really understand what weekend would buy us. although the whole delay is her mistake, she claims she is "doing us a favor."
she is also saying that, in order to lock for 3 more days, we would need to pay 0.25 points. is this normal? this looks like an awful lot of money for just 3 days of extension. plus, i don't even know if 3 days would be enough at this point.
i would appreciate any advice that you may have.
regards,
peter
Welcome PeterTaps,
As far as I know, the agents can charge extra amount if you want to extend your rate lock period. You should contact her and check if she can extend the rate lock for few more days so that you can complete the whole process.
As far as I know, the agents can charge extra amount if you want to extend your rate lock period. You should contact her and check if she can extend the rate lock for few more days so that you can complete the whole process.