u/HarlemBoyz

Are rate extensions common?

I live in a HCOL area, we signed a Contract of Sale end of March, and then started working with a bank a couple of days after to get a mortgage approved. Here's a timeline,

-3/23 Signed contract
-3/27 Started working with bank and locked in a rate for 60 days
-4/17 Appraisal
-5/18 Commitment letter after nearly 2 months..

We are now finally able to put in our application after the bank dragged their feet. The issue is that the condo board takes 2-3 weeks to review, and our rate expires on 5/27. The bank is now trying to say that I need to pay 0.5% of the loan as a fee to extend 30 days. Is this normal? We didn't delay anything, and were very prompt with all of our information. I know our building was also very quick to reply.

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u/HarlemBoyz — 14 hours ago