Can I keep my rate lock if my first deal falls through and I switch houses?

A rate lock is typically tied to a specific property and loan application, so if your first deal falls through the lock usually expires or is voided. Lenders generally do not allow you to transfer a rate lock from one property to another, though some may let you re lock at the current market rate without starting over completely on fees or underwriting already completed. The time spent on your first application may help speed up the second, but the rate itself is usually renegotiated when the property changes. Whether you can preserve any part of the lock depends on your lender's policies and how much time has passed. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.