Rate Lock Policy
How long is my rate lock good for?
All rates and fees posted are for a 30 day lock, and we are currently funding loans 30 days or less; however, you have the choice for an additional fee to lock for a longer period of time.
What if it takes longer than 30 days to fund my loan?
LenderFi.com makes every effort to collect all documentation upfront to avoid unnecessary delays and close within the 30 day lock period. However, if additional documentation is needed you will be contacted by a member of our support team. Additional documentation must be received within 24 hours, or it could hold up the process of funding your loan in 30 days, and rate lock extension fees may be charged.
Rate Lock Extension Policy
A Lock Extension Fee may be charged as a result of delays in delivery of loan documentation, incomplete documentation, or a change of terms as requested by you or a result of documentation provided by you or other 3rd party providers.
3rd Party Providers Include:
- Homeowner’s Association
- Real Estate Agent
- Title or Escrow Officer
- Subordinate Financing Lender
- Insurance Agent
We anticipate a 30 day lock period is sufficient for all 3rd party providers to deliver documentation to LenderFi, however if documentation delays occur from 3rd party providers, a Lock Extension may be charged. You may want to consider a longer lock period to avoid additional costs. We recommend a 45 day lock period for Subordinate Financing or New Construction.
Terms of your Rate Lock;
- Your Initial Documentation must be returned in 48 hours of request.
- Documents requested after the initial review must be returned in 24 hours or less.
- Changes in your Loan Terms could result in a Lock Extension.
- Delays in ordering the Appraisal or scheduling the Appraisal inspection could result in a lock extension.
- Delaying a signing appointment or unavailability to sign to meet the expiration date of your rate lock will result in a lock extension.
If a delay is caused by LenderFi.com we will extend your current rate
one time for 7 days at no cost.
RATE LOCK EXTENSION PERIODS AND FEES
1 – 7 Days: 0.250 point extension fee
8 – 15 Days: 0.375 point extension fee
16 – 30 Days: 0.625 point extension fee
Maximum Number of Rate Lock Extensions (2)
Maximum Lock Rate Lock Extension Period (30)
Rate Lock Extensions exceeding 30 days will be re-priced at the current market rate of equal cost with an additional 0.750 point extension fee.