You have your new home under contract. (Yay!) But, your seller hits a snafu and wants to extend the closing date. At Wyndham, you can protect your rate for up to six months. We know that life happens – but that doesn’t mean you should lose your ideal home.
How it works
If your home is already under contract and you need a rate extension, you can:
- Opt for a 70 – 150 day lock term. The cost: .500 percent of total loan amount fee.
- Opt for a 151-182 day lock term for a fee of .750% of the total loan amount.
- Either way, the fee is refundable at closing with Wyndham. (Rare exceptions may apply.)
Why an Extended Lock
Odds are, you won’t need to opt for an Extended Lock. It’s definitely the exception to the rule. But at Wyndham, we’re committed to making sure we have a plan for every potential home buying scenario.
Some of the most common reasons home buyers need an extended lock:
- Sellers stipulate a long close time up front
- Sellers run into difficulty, either securing their new home or making requested repairs
- New construction delays push the timeline back
Our standard Lock and Shop plan lets you secure your rate for up to 91 days. (A more likely scenario.)
Not our only perk
Our Lock and Shop program isn’t the only plus we offer. When you secure your mortgage with Wyndham, you also get:
- $5K on-time closing guarantee
- A one to two week faster closing time than average
- Zero junk lender fees
Mortgages are complicated. We’re here to take the headache out of it. Reach out. We’d love to hear from you.
