5 guides, read top to bottom, take you from Mortgage Rate Locks Explained to A Rate Lock Decision Checklist.
Read in this order
- Mortgage Rate Locks Explained1 min read
What a rate lock is, how long it lasts, what it costs and what happens if your closing is delayed.
- A rate lock is a lender’s commitment to hold a specific interest rate and price for a set number of days while your loan is processed, as long as your application details do not change.
- Common lock periods range from a couple of weeks to two months, and longer locks are usually priced higher because the lender carries market risk longer.
- Lock Timing for Purchases vs. Refinances1 min read
How lock strategy differs when you have a contract closing date versus a flexible refinance.
- Your lock must cover the contract closing date with a buffer for delays.
- Without a contract date, you can choose when to apply.
- Lock Extensions, Relocks and Float-Downs1 min read
What happens when a rate lock is about to expire, and the options lenders commonly offer.
- A rate lock holds pricing for a set number of days, commonly 30 to 60.
- Many lenders let you extend a lock for a number of days at a cost, often expressed as a small fraction of the loan amount or a price adjustment.
Common causes of mortgage closing delays, what disclosures change, and how to protect your purchase contract.
- Delays often come from appraisal scheduling or low values, title issues, condo or HOA questionnaires, insurance placement, missing income or asset documents, and last-minute credit changes.
- Purchase contracts set deadlines for financing and closing.
- A Rate Lock Decision Checklist1 min read
How to think through when to lock, how long a lock you need and what to ask about extensions, before you commit.
- A lock is only useful if it lasts until closing.
- A lock generally fixes the interest rate and points for a set period, assuming your application details do not change.
Run your own numbers
5 calculators on this site, all blank until you type:
- Payment and amortization
- Affordability estimate
- Rent or buy comparison
- Debt-to-income check
- Closing cost worksheet
Check which programs fit
The loan finder asks six questions and points you to the programs worth reading about, with a side-by-side comparison table. It is education, not an eligibility decision.
Terms you will meet in these guides
- Float-downfirst in Lock Timing for Purchases vs. Refinances
- Loan Estimatefirst in Lock Timing for Purchases vs. Refinances
- Rate lockfirst in Lock Extensions, Relocks and Float-Downs
- Appraisalfirst in Lock Extensions, Relocks and Float-Downs
- Annual percentage ratefirst in When Closing Gets Delayed: Rights and Next Steps
- Closing Disclosurefirst in When Closing Gets Delayed: Rights and Next Steps
- Loan-to-value (LTV)first in Mortgage Rate Locks Explained
Everything here is general education. Program rules change; confirm current requirements with the official sources below and with a licensed lender.
Sources
- CFPB: Loan Estimate explainer
- Regulation Z, 12 CFR 1026
- CFPB: What's a rate lock?
- CFPB: Closing Disclosure explainer
Sources reviewed . This page was assembled from the guides on this site.