Easy To Extend Rate-lock?
I've locked on a low 30-yr rate with a lender for the purchase of a 2-unit investment property.
I've met all of the lender's conditions 4 weeks ago and ever since, I've been repeatedly told by my loan agent that we will close anytime soon. My rate expires on Dec. 15th (60 days after rate was locked) and as of this writing, they (lender) have not yet given me any closing date.
My agent tells me it is easy to extend the rate lock if we could not close by the expiration date. Is this true? If not, do I have any legal recourse should I lose my low rate and could not re-lock on an equal (if not lower) one? Like I mentioned, I kept up to my end of things. Because of their slowness to close this deal, one can't help but suspect that they are waiting for rates to go up. [ Edited by aurera on Date 12/12/2003 ]
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