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What Happens When You Lose Your Locked-In Rate?
There's nothing worse when applying for a home loan, getting a great rate and then losing that great because it's gone past the lock period and now rates have increased. Is there any chance at getting those great rates back again? Even though there is no solid procedure on how lenders can lock in a rate they do need to inform you about how you can lock a rate and what can happen if the rate expires before closing. 
 

Rates can change dramatically from the time you apply to when you actually close and if the home is a short sale or foreclosure it can actually take much longer to close and rates can certainly adjust greatly during that time.  Most of the time your application will include a Mortgage Rate Lock Policy. This will include several different extensions and provisions that come along with your rate lock.
You can ask for an extension. Your agent should be able to tell you when the property is set to close and even if it is within a few days of the closing date, the rate lock should be out a week or two beyond the projected closing date to cover ... more

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