Lock Extension
A lock extension prolongs an existing rate lock when the loan can't close before the lock expires, usually for a fee.
What Lock Extension means
Extensions preserve your locked rate rather than re-pricing at current market levels. The cost typically scales with the number of extra days needed.
Florida example
A Florida closing delayed by a title issue runs past the 45-day lock. A short lock extension fee keeps the 6.75% rate intact instead of forcing the borrower to accept a higher current rate.
What it is
A lock extension pushes out your rate lock when closing runs past the original window. It usually comes with a fee.
It protects your rate while you finish the process.
How to avoid one
A smooth, well-timed file often closes within the lock and skips the fee. Sending documents fast helps.
We keep your loan on schedule to avoid extra costs. Apply now and we will guide you to an on-time close.
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Verify the details for your own situation against these government and agency sources: Freddie Mac Primary Mortgage Market Survey and Federal Reserve H.15 selected rates.