Your lender will give you a letter that says you’re good to go on financing, but there’s a catch: It expires.
So what do you do if that letter expires before you make it to closing day?
What to Do if Your Mortgage Letter Expires Before You Close
It’s actually pretty common for mortgage commitment letters to expire before closing – it happens all the time. It’s not a deal-breaker in most cases, either.
You do need to act quickly, though.
Talk to your lender and ask for a revised letter that has an approval date after your closing day. Your lender might ask you to resubmit some of your financial documents, because they need to be current (lenders often work within a 30-day window).
Your interest rate might change if you need a new letter, but this is something you’ll need to talk to your lender about. Sometimes lenders will extend the interest rate lock if you pay an additional fee.
Are You Buying a Home on Marco Island?
If you’re thinking about buying a home on Marco Island, we’d love to help you find one that’s just right for your needs.
Call us at 239.821.7926 or get in touch with us online to let us know what you’re looking for. We’ll start searching right away. In the meantime, please explore our:
- Marco Island homes for sale from $100k to $200k
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- Marco Island homes for sale from $300k to $400k
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- Marco Island homes for sale over $1 million
