Rate locks explained: length, extensions and the fine print
When closing passes the lock
Lock note
If closing slips past the lock expiration, the lender may offer an extension for a fee, relock at current pricing, or apply its own policy. Find out who caused the delay, since some lenders treat lender-caused delays differently. Ask for the policy in writing.
Last reviewed against the primary sources listed below.
Ask
- Extension cost per day or week.
- Relock policy.
- How delays are treated.
Rate lock questions
What if my rate lock expires before closing?
You may extend, relock or follow the lender's policy.
Who pays for a lock extension?
It depends on the lender's policy.