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Can the rate lock period be increased or decreased after I have selected a rate lock period and locked a rate on my purchase loan?

April 26, 2017decreased increased loan lock locked period purchase rate Selected

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Can the rate lock period be increased or decreased after I have selected a rate lock period and locked a rate on my purchase loan?

1 Answer

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Your rate lock period may be extended, however, you will be subject to either the rate that is in effect at the time you extend your lock or the rate you are currently locked, whichever is higher.