So, I just got my commitment in the mail. The closing date is February 14th as of right now. I know that they hold the rate for 60 days, or you have to pay to keep the rate.
If we held the rate the week before Christmas, do they factor holidays into the 60 days???
I'd like to close the week after since I have off. The 17th is President's day, so I guess it would be any time that week.
DeeluvsVinny
Posted:
Member since
Re: Mortgage Commitment Letter
they count everyday, holidays and weekends, in your commitment rate lock in period.
Now, when you say the closing is on for the 14th..do you mean it's been scheduled or that it says that in the contract? Because the date in the contract is not accurate, it's more like a target date.
If the 17th is a holiday, you can't close that day, if bank are closed.
Also, you CAN pay to extend the rate lock, but rates may be going down soon, so that may not be necessary. Also if you only need a few days extra, a lot of banks won't make you pay. Ask about that.
HTH!
jessamyn78
Posted:
Member since
Re: Mortgage Commitment Letter
Posted by DeeluvsVinny
they count everyday, holidays and weekends, in your commitment rate lock in period.
Now, when you say the closing is on for the 14th..do you mean it's been scheduled or that it says that in the contract? Because the date in the contract is not accurate, it's more like a target date.
If the 17th is a holiday, you can't close that day, if bank are closed.
Also, you CAN pay to extend the rate lock, but rates may be going down soon, so that may not be necessary. Also if you only need a few days extra, a lot of banks won't make you pay. Ask about that.
HTH!
That is the date on the bank commitment letter. The contract said the 15th. That's a Friday and yes the 17th banks are closed. I forgot about that. Who do we ask about the date? The bank or our attorney?
