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Can I extend the lock if I need more time?

You may extend the rate lock during the process with an adjustment to your points/credit of .20% for every 5 days needed at the end of your rate lock. On a refinance a 30-day rate lock would be sufficient in most cases. On a purchase transaction, we require the original rate lock to at least cover the estimated date of closing on the sales contract. In a purchase transaction, however, we strongly recommend borrowers choose a rate lock with some additional time past the closing date to account for any delays or changes in schedule that is not lending related. It’s more expensive to add the time later than it is to choose the longer time period upfront.

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