Tough to address this once the lock has expired. It’s USUALLY possible to extend or relock a rate lock that is expiring. Bear in mind that just because a rate is locked for a certain period of time, there is no guarantee that the loan will close and fund during that period. Question I’d be asking my loan officer is WHY the loan didn’t close as planned, and what the plan is to get it closed. It’s possible that you could get some kind of concession from your lender, perhaps an increased lender credit, especially if the lock expired due to their issues (as opposed to waiting for a subordination to come back, or an appraiser not doing his job promptly, or a title issue that took time to resolve). Hope that helps. Questions ALL borrowers need to ask their LO at the START of the loan: How long are you locking the rate for; do you anticipate any issues funding the loan on time; what is your lock extension policy if we are delayed; who pays for any extension or relock costs; and what % of your loans have had issues closing during the initial rate lock period. If you ask these questions at the start (preferably by email!) you can at least have an idea what to expect…..please note that it’s the LO’s job to inform the borrower WITHOUT BORROWER HAVING TO ASK, but still if you have any questions, or if the subject hasn’t been addressed to your satisfaction, don’t hesitate to ask, and to ask again if you don’t get a clear answer!
As long as you had proper disclosure of rate lock deadlines, there isn’t much to be done. In good faith, the loan officer and/or mortgage lender they work for should see what can be done to help. The financing process can take much longer than disclosed with some companies, so be sure of the time frames and communication before you sign any paperwork going forward. Working with a Trusted Mortgage Professional is the key to getting the best overall financing options possible. I’d bee happy to help you in any way I can, so feel free to reach out for a private discussion. Good Luck.
Thanks for adding to my answer, Steve. As I noted rate locks are not guarantees of timely closings, and borrowers must maintain contact with their loan officers to ensure their locks don’t expire!