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Mortgage Answers / Rate Lock

What Is a Mortgage Rate Lock?

The Short Answer

A rate lock can hold a quoted interest rate for a stated period if its conditions are met. Check the deadline, costs and what changes could affect it. A Loan Estimate does not necessarily mean your rate is locked.

Check the period, conditions and possible extension costs before relying on a quoted rate.

Explore Your Options
RATE LOCK?

The agreement has a time limit.

A permanent quote
Terms and deadlines still apply.

Start with your priority

What is your rate-lock situation?

Explore a goal below. No contact information needed.

I have not locked

A quote or Loan Estimate does not necessarily mean the rate is locked. Ask for the lock status and written terms.

  1. Ask whether the rate can change

    Ask whether your rate is locked or can still change. Do not infer this from the quoted rate alone.

  2. Compare lock periods and costs

    Compare available lock periods, costs and conditions with your expected closing date.

  3. Get the terms in writing

    Get the agreement in writing. Ask what happens if your application changes or market rates move.

Discuss this next step with Troy

My rate is locked

A lock can protect the agreed rate only within its period and conditions. Keep the closing schedule and application details in view.

  1. Check expiration and conditions

    Check the expiration date and the conditions that could affect the agreement.

  2. Report application changes

    Tell the lender about changes in your application. Ask whether they affect the locked terms.

  3. Track the closing schedule

    Track the closing schedule and raise delays early. A lock has a deadline even when the loan is still being reviewed.

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Closing may be delayed

Ask about the lock before it expires. An extension is not automatically free or available on the same terms.

  1. Ask about extension terms

    Ask which extension options exist before the current period ends.

  2. Check who pays any cost

    Check whether an extension has a cost and who would pay it. Do not assume there is no charge.

  3. Confirm the revised agreement

    Confirm the revised period and terms in writing. Ask whether the planned closing date fits.

Discuss this next step with Troy

More than one path

Keep these two things in view.

Tap a card to see what matters.

The practical resultPlanThe agreement has a time limit.Details

A rate lock can hold a quoted interest rate for a stated period if its conditions are met. Check the deadline, costs and what changes could affect it. A Loan Estimate does not necessarily mean your rate is locked.

The important limitRuleTerms and deadlines still apply.Details

The loan program, lender, property and complete application can affect what happens next. This is educational guidance, not a loan approval or promise.

What does this connect to?

Use the Loan Estimate to separate the payment, fees and money needed at closing. Compare those amounts rather than relying on one quoted rate.

What could affect the next step?

A fixed loan rate does not freeze tax and insurance bills. Check which costs are collected with the payment and which you pay separately.

What should I check next?

Ask your team for the next milestone and what could delay it. A target closing date is not a guaranteed timeline.

A few good questions

Does receiving a Loan Estimate automatically lock my rate?

No. Ask for the lock status, period and terms.

Will a lock always last until my delayed closing?

No. The agreed period may expire. Ask about extension options, costs and conditions.

Will I automatically get a lower rate if rates fall?

Not necessarily. Ask the lender about its written policies and the terms of your agreement.

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Fayetteville, NC

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We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!

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Show Low, AZ

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Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!

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Boulder, CO

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Why Wait Buy Today, WWBT provides educational tools and interactive experiences designed to help consumers explore homebuying, financing, and homeownership options. Information provided through WWBT is for educational purposes and is not a commitment to lend or provide real estate services. Mortgage, real estate, builder, and other professional services are provided by the professional or company identified on the applicable experience. Participating professionals are responsible for their own licensing, disclosures, advertising, products, rates, terms, eligibility requirements, and services.