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My usda loan has hit a few bumps in the road and i have had to get 3 extensions,should i be charged rate lock fee's?

by pete.kelly1549 from Zephyrhills, Florida. Jan 2nd 2016 Reply


Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

really depends on what has happened.....if the lender is being slow or not being honest with you, then no. But if you have been slow in getting paperwork in they need, then yes.

Jan 4th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,452 contributions

Rate lock extensions costs money. Most lenders look at rate locks based on who's fault was the extension needed. If it was YOUR fault, generally they will charge YOU. If it was the lenders fault, generally the lender will pay the extension costs.

Jan 4th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

More info needed.. but in general, if you have a complicated file because of past credit problems, or you were slow at getting any requested documentation by your loan officer to them on a timely manner, then yes.. you should expect to pay for the rate extension fees.. Sad to say, but there are some loans that are so complicated that it's more efficient for a loan officer to just pass on those loans and move on to files that have less problems.. the fact that you found a loan officer to work with you even though you have all these problems say's something, right? But also understand that there are some loan officers that are just flat out incompetent.. I've had the "deals from hell" where we blew past several loan locks.. it just seemed that anything that could happen, did happen and the file close very late.. but this is a rare occurrence.. talk to your loan officer and see if you can get a straight answer from him.. is the file going to close? what's the delay? is there anything you can do to speed up the process? etc.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 4th 2016
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