kes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies incl

Locking in your mortgage rate protects you from rising interest rates while closing on a new mortgage. There are several undesirable consequences for homeowners who allow their rate locks to expire before closing day. Here are tips to protect yourself from unwanted surprises when refinancing your mortgage loan.

Many homeowners delay closing on their mortgages because don’t respond to their loan representative’s requests for information in a timely manner. When your representative requests documents or information make sure you respond in a timely manner to prevent unnecessary delays in processing your mortgage. Not responding in a timely manner is the most common reason for missing your closing date that you can control; however, there are other factors that could lead to your rate lock expiring before closing.

So what’s the worst thing that can happen if your interest rate lock expires? Your rate lock not only guarantees you a specific mortgage rate, but if you’re paying points it guarantees not only the number of points you pay and what you’re getting in return. When the rate lock expires all bets are off and you can be sure the mortgage lender will not only raise your mortgage interest rate, but could require you to pay additional points.

There are three things you need to watch out for that could prevent you from closing before your rate lock expires.

I. Lender Mistakes or Neglect

Loan representatives often forget to file paperwork or mail documents. They often misplace documents, ignore necessary income verifications, or neglect to organize their efforts with the sea of mortgage applications crossing their desks. The best way to head of mistakes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies inclu

sts for information in a timely manner. When your representative requests documents or information make sure you respond in a timely manner to prevent unnecessary delays in processing your mortgage. Not responding in a timely manner is the most common reason for missing your closing date that you can control; however, there are other factors that could lead to your rate lock expiring before closing.

So what’s the worst thing that can happen if your interest rate lock expires? Your rate lock not only guarantees you a specific mortgage rate, but if you’re paying points it guarantees not only the number of points you pay and what you’re getting in return. When the rate lock expires all bets are off and you can be sure the mortgage lender will not only raise your mortgage interest rate, but could require you to pay additional points.

There are three things you need to watch out for that could prevent you from closing before your rate lock expires.

I. Lender Mistakes or Neglect

Loan representatives often forget to file paperwork or mail documents. They often misplace documents, ignore necessary income verifications, or neglect to organize their efforts with the sea of mortgage applications crossing their desks. The best way to head of mistakes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies incl

st thing that can happen if your interest rate lock expires? Your rate lock not only guarantees you a specific mortgage rate, but if you’re paying points it guarantees not only the number of points you pay and what you’re getting in return. When the rate lock expires all bets are off and you can be sure the mortgage lender will not only raise your mortgage interest rate, but could require you to pay additional points.

There are three things you need to watch out for that could prevent you from closing before your rate lock expires.

I. Lender Mistakes or Neglect

Loan representatives often forget to file paperwork or mail documents. They often misplace documents, ignore necessary income verifications, or neglect to organize their efforts with the sea of mortgage applications crossing their desks. The best way to head of mistakes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies incl

p>There are three things you need to watch out for that could prevent you from closing before your rate lock expires.

I. Lender Mistakes or Neglect

Loan representatives often forget to file paperwork or mail documents. They often misplace documents, ignore necessary income verifications, or neglect to organize their efforts with the sea of mortgage applications crossing their desks. The best way to head of mistakes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies incl

kes or neglect is to stay in close communication with your mortgage representative. Refinancing has become such a streamlined process that maintaining weekly communication with your loan representative should head off any delays of this type.

II. Third Party Delays

Closing on a new mortgage depends on the work of several outside companies the mortgage lender has no control over. These third party companies include credit agencies, appraisers, surveyors, property inspectors, and title insurance companies. When one of these companies makes a mistake, your loan gets placed on hold. Again, maintaining communication with your loan representative will help offset any problems with third party companies.

III. Dishonest Lending Practices

Dishonest loan representatives often delay closing so the interest rate lock expires because mortgage rates have jumped .5% or more. When interest rates go up mortgage companies stand to gain thousands of dollars with a higher mortgage rate. Your loan representatives need only to give some last minute excuse for delaying your loan.

You can learn more about mortgage refinancing while avoiding costly mistakes with a free mortgage tutorial.