i locked in a mortgage rate a couple of month's ago. Contacted the loan officer 6 weeks before my locked rate was going to expire and said I don't think I will be able to close by the date my lock is going to expire.
I said should I cancel it and reopen a new mortgage when I am ready again . He said no that he would extend the lock for 30 days. But Doesn't disclose that there will be a fee for the extension. The fee is a 1/2 point of the loan amount.
The acting loan officier's manager says if there needs to be a second extension I will be responsible to pay it. Well, now that I am getting ready to close on the 1st extension, the bank is reinstated the fee for the first extension and not honoring what the manager emailed me.