Extension of the quotation validity period is not always possible. Always determine in advance whether the period can be renewed and whether there are any fees involved. The renewal fee of for the quotation validity period is also called the commitment fee. Renewal fees often only apply if the comparable market rates are higher than the interest rate in the quotation at the time of renewal. However, sometimes the renewal fee is unconditional. A common commitment fee is 0.25 percent of the mortgage amount each month.
Furthermore, cancellation fees are usually also included in the mortgage quotation. If the mortgage contract is not signed within the quotation validity period (including any extension), an amount of 1 percent of the requested mortgage amount will usually be charged. Should there be the risk that the sale of the property will not go ahead, please pay close attention to the conditions for cancelling the signed quotation.