can rate locks be extended
There is no set time frame for a lock on an FHA-backed mortgage rate. Most banks will offer a free lock period that amounts to 30 to 45 days for an original loan. Refinance locks last 60 to 90 days. After that, you can extend the rate lock, if youâre willing to pay. According to BankRate, many lenders will extend the lock for a quarter of a point. A point is equal to 1 percent of the loan amount. You usually can buy points to lower your interest rate at closing.