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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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60 day lock question
We decided to go with Chase for our mortgage and the guy said yesterday he was going to lock us in for 60 days. Does that 60 day period start when he says that or when we receive committment letter and officially go through with loan?
Also, what happens after that 60 day period? Does rate go up? I'm confused because what if it's not buyers fault and the attorneys can't get on the same page closing date wise???
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Posted 2/20/07 7:27 PM  |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: 60 day lock question
It starts now. We have a 90 lock that expires on 2/28. We were going to buy a house and the deal fell through. We are still looking now and are going to lose our lock. He will have to put the paperwork again and we will lose our rate, and have to get whatever the current rate is. If we were in contract we could have paid a fee to extend our lock.
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| Posted 2/20/07 7:41 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: 60 day lock question
Posted by SweetTooth
It starts now. We have a 90 lock that expires on 2/28. We were going to buy a house and the deal fell through. We are still looking now and are going to lose our lock. He will have to put the paperwork again and we will lose our rate, and have to get whatever the current rate is. If we were in contract we could have paid a fee to extend our lock.
What kind of fee? What if I'm not at fault?
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| Posted 2/20/07 8:19 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: 60 day lock question
Posted by MSeid
Posted by SweetTooth
It starts now. We have a 90 lock that expires on 2/28. We were going to buy a house and the deal fell through. We are still looking now and are going to lose our lock. He will have to put the paperwork again and we will lose our rate, and have to get whatever the current rate is. If we were in contract we could have paid a fee to extend our lock.
What kind of fee? What if I'm not at fault?
Each bank has a different fee, its not that much. It doesn't matter whose fault it is, if you don't close by that date, your lock expires.
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| Posted 2/20/07 8:37 PM |
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