A mortgage rate lock is a lender agreement to hold specified interest-rate pricing for a stated period, subject to conditions. It helps separate the borrower from market movement while underwriting and closing proceed, but it is not the same as final loan approval.
Get the lock in writing
Confirm the interest rate, points or credits, loan program, lock date, expiration date, and any fee. Ask which changes can void or reprice the lock, such as a different loan amount, down payment, property type, occupancy, credit profile, or closing date.
Match the lock to the timeline
A shorter lock may cost less but expire before appraisal, title, repairs, underwriting, and closing are complete. A longer lock may cost more or carry different pricing. Coordinate with the lender and closing team rather than selecting a date from optimism alone.
If closing is delayed
Ask who pays for an extension, how the fee is calculated, and whether pricing changes if market rates move up or down. Some agreements include a float-down feature under defined conditions; do not assume one exists.
Track these items
- Written lock confirmation
- Expiration date and scheduled closing date
- Outstanding borrower documents
- Appraisal, title, insurance, and repair status
- Extension options and fees
- Final rate and credits on the Closing Disclosure
Compare the final disclosure with the locked terms and ask about differences before signing. A useful lock is specific enough to verify and long enough to support a realistic closing schedule.