extending mortgage rate lock

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
Oh123
Posts: 109
Joined: Sat May 27, 2017 3:47 pm

extending mortgage rate lock

Post by Oh123 »

My mortgage company provided a free rate lock at 2.79% for a 30-year mortgage and with a free float down option. The rate is locked for 60 days. Unfortunately that deadline is at the end of March and I am not sure I will be able to find a home before that (already lost 3 bidding wars). The Rate is going up and currently, it is at 3.24%. I read somewhere that you can pay 1% of the loan amount as a refundable credit to extend the rate lock, but that is with a purchase contract. Does anyone have experience in extending rate lock without a purchase contract?
Post Reply