60 day rate lock

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The rate lock fee may be a flat fee, a percentage of the total mortgage amount or added into the interest rate you lock in. The fees may be refundable or non-refundable. Typically, short-term rate locks (those less than 60 days) are free or cost roughly up to about 0.25 – 0.50 percent of the total loan, or a few hundred dollars.

Usually, a rate lock is good for 30, 45 or 60 days, though that time period can be shorter or longer; once that period expires, the borrower is no longer.

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RE: vhda rate lock policy Change. Effective November 1, 2013, VHDA will implement a 60-day Rate Lock period for all loan programs to be more in line with industry standards. The key elements of the new policy are: There will no longer be a "Reservation Period" or a "Commitment Period". No Reservation Fee will be required.

Rate locks are usually good for 30 – 60 days, according to Bankrate.com. Depending on your lender, you may have to pay to extend the rate-lock period beyond that. You should be mindful of how long you think it will take you to close when you lock your rate. Your lender will be able to provide you with a reliable estimate for this.

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When you lock your loan, you must also choose a rate lock period, which can range from 7 days to 90 days or even longer. In fact, loanDepot recently introduced a 150-day rate lock . But the most common lock period is anywhere from 15-45 calendar days, which is the average time it takes for a home loan to close.

How long can you lock in a mortgage rate? Lock periods can be 30 days, 60 days or longer. Select one that allows plenty of time to closing. Ellie Mae, a technology provider to the mortgage.

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