Rate-lock extension or higher rate when renovation delays closing?

I’m trying to compare the real cost of a rate-lock extension on a purchase that needs renovation-related underwriting and appraisal work before closing.

The locked rate is **[rate]%**, expiring **[date]**, and the lender estimates the renovation review or final appraisal could delay closing by about **[number of days/weeks]**. The expected loan amount is **$[amount]**. I’m waiting on the lender’s exact extension fee, but I also want to compare it with:

- Accepting the lender’s current higher rate if the lock expires
- Relocking under the lender’s stated terms
- Floating the rate until the renovation conditions are cleared
- Delaying closing, including any seller, rate, or carrying-cost consequences
- Losing or changing any lender credits if the lock is extended or relocked

For those who’ve dealt with renovation purchases, how did you calculate the break-even point? I’m thinking the comparison should include the extension fee, the payment difference from the higher rate over the expected holding period, the effect on cash to close, and whether the loan amount changes after the appraisal or renovation budget is finalized.

I’m also checking whether the original lock specifically covers renovation and appraisal delays. I don’t want to assume that a lock automatically protects the terms through every underwriting condition. What exact terms or fee worksheet would you ask the lender for before choosing an extension?