Question Re: long gap between contract signing and closing date

We signed our contract on a new home on January 18th, but the sellers can't close until May 1st.

What do we do about the mortgage? Mortgage rates are very low right now, and we would like to lock into a rate soon. But most banks will only let you lock in for 60 days.

Are we allowed to extend the lock in time? Is there a huge fee for that?

Re: Question Re: long gap between contract signing and closing date

It really depends on the bank. There is usually a fee to extend your rate and since from what you are saying your contract has an on or about date of May 1st therefore you will need a mortgage that will get you through June 1st because the seller's/yourself have up to 30 days after the closing date in teh contract to close so you always want it for that period to. I would talk with the banks/broker you are using they can usually tell you but I think to extend your rate it really depends on what the rates are when it is expiring and what you have they may require you to pay a point or less depending on their formula.