What to Do if Your Mortgage Letter Expires Before Closing Day

What to Do if Your Mortgage Letter Expires Before Closing Day

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.

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