Skip Navigation
StreetEasy

Mortgage Rate Extension Fee

Started by Misc
over 17 years ago
Posts: 20
Member since: Sep 2007
Discussion about
I locked in my rate for 60 days, but may need to extend the lock. How do banks calculate the cost of extending the lock on my mortagage rate?
Response by tbshkan
over 17 years ago
Posts: 33
Member since: Feb 2008

i was just told that the rate extension fees became expensive - thye used to cost just a few hundred bucks but now it seems they can cost .75% of the loan amount!

Ignored comment. Unhide
Response by shong
over 17 years ago
Posts: 616
Member since: Apr 2008

Usually about .25% for 30 days for us. This will probably vary with banks. sunny_hong@countryide.com

Ignored comment. Unhide
Response by Igor777
over 17 years ago
Posts: 27
Member since: Oct 2007

I'd appreciate comments from loan officers on this subj. What does extension cost now at major banks? It used to cost $300, now Melrose CU charges my buyer 0,5% for 30 day extension (over $3K). Too much? Can it be somehow negotiated?

Ignored comment. Unhide

Add Your Comment

Most popular

  1. What is the deal with Brooklyn
    24 Comments
  2. 35 Sutton Place...coming soon
    70 Comments
  3. Bought in 2012, selling now at 100+mm dollar loss
    25 Comments
  4. Beautiful Fake Reno
    19 Comments
  5. Are there any post-election fire sales?
    13 Comments