The short answerA rate lock guarantees your interest rate and pricing for a set period while your loan closes. Choose a lock long enough to cover your closing date, and ask about extension costs and float-down options.
What a lock is
Mortgage pricing changes daily. When you lock, the lender commits to your rate and pricing for a set number of days, commonly 30 to 60, no matter how the market moves. If closing happens within that window, you keep the locked terms.
When to lock
Most buyers lock once they're under contract and the payment works for their budget. Trying to time the market is risky. If you prefer to wait, I can watch rates and alert you when they hit a target you choose.
Already pre-approved but still shopping? A Lock & Shop option may let you lock before you have an accepted offer.
Extensions and float-downs
- Extensions: if closing is delayed, you can often extend the lock, usually for a fee.
- Float-downs: some locks let you take a lower rate if the market improves by a set amount before closing. Terms vary by lender.
- Re-locks: if a lock expires, the new pricing may be worse than the original.
What can affect a locked rate
A lock is tied to your loan details. Changes to the loan amount, program, property type, occupancy or credit score can change the pricing, so check with me before making any changes.
After closing
Once you close, your fixed rate is set for the life of the loan. If rates later fall meaningfully, a refinance may make sense; use the refinance calculator to check the break-even point.