Mortgage Glossary
Lock Extension
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
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.
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