What is a rate lock?

A rate lock secures your interest rate for a set period during your transaction, protecting you from market changes while you are in escrow.

When should I lock my rate?

Usually after you are in contract, but timing depends on market conditions and lender advice.

How long does a rate lock last?

Commonly 15, 30, or 45 days, aligned with your closing timeline.

What happens if my lock expires?

You may need to extend it, often at a cost, or accept the current market rate.

Can I change my rate after locking?

Some lenders offer a float-down option if rates improve, but not all.

Does locking guarantee my loan?

No. It only locks the rate, not the full approval.