These typically include documents we need you to upload, third-party steps you need to arrange like inspection, appraisal, title etc. Checking in on your list daily is the best way to keep things moving. We also recommend taking a proactive approach with third parties in the process. Follow up soon and often with service providers who are taking care of things like your appraisal, inspection, title, insurance, etc.
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Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures. Discover loan offers with rates and terms that fit your needs. Advertiser Disclosure. By Emily Starbuck Gerson. Get Your Credit Mortgage-Ready. Shop for Loans. Latest Research. Latest Reviews. However, if the borrower thinks that the current rate is the best he will see, he can lock it in for a period of 10 to 60 days.
Rate locks always include an interest rate, but they may also include a certain number of prepaid interest points that the borrower will pay to qualify for that specific interest rate. When the lock expires, the borrower typically has two options: arrange an extension with the lender or look for a new combination of interest rates and points to lock in. Depending on recent market activity, a lender may or may not allow an extension. If interest rates have risen significantly, the borrower may have no choice but to find a new rate.
However, if interest rates have remained close to the same, the borrower can usually extend the rate lock for an additional fee. According to The New York Times, extension fees typically range from 0.
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