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oh my god oh my god my rain locks about to expire what do i do relax if your rain log is about to expire you have two options option number one extend the lock if rates got worse and it did not improve tell the lender i need an extension typical extensions that are less than five days are free if theyre more than five days raid lock extensions are between point one two five to half a percent for example if the loan lost five hundred thousand dollars it can cost you twenty five hundred bucks to do a thirty 30-day extension but of course every lender is different so always ask but lets say your rate lock is about to expire but rates got better just tell your lender i want to lock the loan with a lower interest rate there should not be any cost theres no actual fee to re-lock the loan because theyre going to lock it with another investor so if your rate locks about to expire these are your two options get an extension find out the fee or grab the lower rate if rates have improved hope
