All rates and fees posted are for a 26-day lock, and we are currently funding loans 30 days or less; however, you have the choice for an additional fee to lock for a more extended period.
What if it takes longer than 26 days to fund my loan?
iApprove Lending.com makes every effort to collect all documentation upfront to avoid unnecessary delays and close within the 26 day lock period. However, if additional documentation is needed, you will be contacted by our support team member. We need documentation within 24 hours, or it could hold up the process of funding your loan in 26 days and charge you for a rate lock extension fee.
Rate Lock Extension Policy
Suppose there are delays in delivery of loan documentation, incomplete documentation, or a change of terms as requested by you or a result of documentation provided by you or other 3rd party providers. In that case, there is a charge for a Lock Extension Fee.
3rd Party Providers Include:
Real Estate Agent
Title or Escrow Officer
Subordinate Financing Lender
We anticipate a 30 day lock period is sufficient for all 3rd party providers to deliver documentation to iApprove Lending; however, if documentation delays occur from 3rd party providers, a Lock Extension may be charged. You may want to consider a more extended lock period to avoid additional costs. We recommend a 41 day lock period for Subordinate Financing or New Construction.
Terms of your Rate Lock:
You must return your Initial Documentation within 48 hours of the request.
Documents requested after the initial review must be returned in 24 hours or less.
Changes in your Loan Terms could result in a Lock Extension.
Delays in ordering the Appraisal or scheduling the Appraisal inspection could result in a lock extension.
Delaying a signing appointment or unavailability to sign to meet your rate lock’s expiration date will result in a lock extension.
If iApprove Lending.com causes a delay, we will extend your current rate
one time for a maximum of 7 days at no cost.
RATE LOCK EXTENSION PERIODS AND FEES
.035 Points per day or .125 Points per 5 days
Maximum Number of Rate Lock Extensions (2)
Maximum Lock Rate Lock Extension Period (30)