Now the bank says the rate lock is for 90 days (expiring 6/7) but the house won't even be done until around 6/24.
As Randy stated there's not enough information to answer definitively. However if I understand the above the bank that will take out the construction loan locked a rate for 90 days and it expires 6/7. The home will not be completed and ready for occupancy until 6/24 or after.
So what is the concern? The bank will not take out the construction loan until the home is complete and ready for occupancy and it must be completed and ready for the loan to close on or before the lock expiration. By the time the home is complete (6/24) the lock will have expired and they (the bank) are no longer obligated to honor the lock.
If the home gets completed and ready for occupancy and loan closing before the lock's expiration then they (the bank) should be willing to honor the lock. Just my 2ยข worth.
But as said earlier this is based only on the information posted. It does not take into consideration any specific language in the lock agreement or any other processing agreements that may have been signed.
ALSO - pay close attention to my tagline.
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