How long is the rate and approval good for?
Once a loan has been approved the customer is locked into a rate for 30 days, some lenders will approve a loan for 60 days, however, the rate expires after 30 days and the customer is subject to the rate of the day at closing. Once an approval has expired it is necessary to have the loan re-approved prior to closing, again being subject to the rate of the day. All approvals are monitored monthly; those customers who have any impending rate and or approval changes are notified prior to the re-approval.
