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Rate Lock Expiring

Started by smooshie
over 15 years ago
Posts: 25
Member since: Dec 2008
Discussion about
Hi all. I'm hoping you can answer a question for me. I locked in my mortgage rate and (surprise!) encountered difficulties that have caused my closing to be scheduled one day after my rate-lock expires. The rates have actually gone down since I locked, so I'm not worried about getting a higher rate. My question is: upon closing, in this scenario, is it more likely that I will get the locked-in rate (though it expired the day before) or the current bank rate for that day? Thank you.
Response by maly
over 15 years ago
Posts: 1377
Member since: Jan 2009

Call your mortgage broker and ask him/her to get you the lower rate of the 2. Rates are very low right now.

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