Free tool
Will the rate lock cover closing?
A lock that expires a day early can cost the borrower an extension fee or a higher rate. Choose the transaction, enter the closing date and the lock expiration date, and the calculator flags a lock that runs out too soon.
Enter a closing date.
Why refinances catch people out
On a refinance of a primary home, the loan can’t fund until the three-business-day right to cancel has passed. A lock that covers the signing date can still expire before funding. Signing on a Thursday, for example, means funding the next Tuesday at the earliest, because Saturday counts and Sunday doesn’t.
Lenders also set their own rules on what the lock has to cover, such as the closing date, the funding date or the date the loan is delivered to an investor. Check the lock confirmation and ask the loan officer when you’re close.
When the lock is short
- Tell the loan officer as soon as the closing date moves, not the day before
- Ask whether an extension is available and what it costs
- Check the Closing Disclosure timing too: earliest closing date calculator
A planning aid. The lender’s lock confirmation is what counts.
Watch every lock at once
Closing Desk checks every open file’s rate lock against its closing and funding dates and warns your team while there’s still time to extend.