Rates & Pricing
Rate Locks and Lock & Shop: Protecting Your Rate While You House Hunt
How mortgage rate locks work, when to lock, and how a Lock & Shop option protects your rate before you have an accepted offer.
A rate lock guarantees your interest rate and pricing for a set period, usually 30 to 60 days, while your loan closes. A Lock & Shop option goes one step further: it lets you lock a rate before you have an accepted offer, so you're protected if rates rise while you're still house hunting.
How a standard rate lock works
Once you're under contract, we choose a lock period long enough to cover your closing date. Your rate and pricing are then set for that period, whatever the market does. If closing is delayed past the lock expiration, the lock can often be extended, usually for a fee.
How Lock & Shop works
- 1You're fully pre-approved, with your income, assets and credit reviewed.
- 2You lock a rate before finding a home, often for up to about 90 days, depending on the program.
- 3You shop with a known rate and payment, which makes budgeting and offers easier.
- 4When your offer is accepted, the locked rate is tied to the property and the loan moves forward.
Lock & Shop programs may have eligibility requirements and, in some cases, a fee or slightly different pricing. Some include a float-down feature if rates drop. I'll show you the exact terms before you decide.
When should you lock?
Nobody can time the market perfectly. Locking makes sense when the payment works for your budget and you'd rather have certainty than gamble on rates moving. If you'd like to keep watching, I can monitor the market and alert you when rates reach a target you set.
Tips to avoid lock problems
- Pick a lock period that comfortably covers your contract closing date.
- Send documents quickly so underwriting finishes well before the lock expires.
- Ask up front what an extension would cost and whether a float-down is available.
- Don't change the loan amount, program or property type without checking with me; changes can affect locked pricing.
An example of how a lock protects you
Imagine you lock your rate on the day your offer is accepted, with a 45-day lock and a 40-day closing. Two weeks later, rates move up. Because you're locked, your rate and payment don't change. If instead rates move down, you keep your locked rate unless your lock has a float-down feature. That's the trade-off: a lock gives certainty in exchange for giving up a possible improvement.
Watching the market for you
If you're not ready to lock, I can set a target rate and monitor the market for you, then reach out when pricing reaches your target so you can decide quickly. It means you don't have to check rates every day, and you're ready to act when the numbers work.
Questions to ask before you lock
- How many days does this lock cover, and does that include a cushion past my closing date?
- What would a 7- or 15-day extension cost?
- Is a float-down available, and what are its terms?
- What changes to my file could affect the locked price?
Read the rate lock guide for more detail, or request a quote and I'll show you lock options for your timeline.
Key takeaways
- A rate lock sets your rate and pricing for a set period, typically 30–60 days.
- Lock & Shop lets fully pre-approved buyers lock before they have an accepted offer.
- Choose a lock period that covers your closing, and ask about extension costs and float-downs.
Frequently asked questions
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This article is general information, not a commitment to lend. Programs, guidelines and terms vary by lender and can change; all loans are subject to credit approval and underwriting.
