Extend Rate Lock—Why More $?

Categories: Mortgage

My rate lock is set to expire 8 days before I close…18 days actually, as we’ve already received a free 10-day extension. The current rates are actually the same as the rate I locked in at.

I got the loan through mortgage broker (first mistake, I know). And I’m being told that my options are to 1) pay a daily extension fee ($125/day) or 2) give up the lock, wait 30 days and re-lock at whatever the new rate is.

This seems odd to have to pay to keep a rate which is the same as the current rate. Any advice on how to deal with this?

By samwell | 08/20/2009 10:45 AM