Purchases
Your lock must cover the contract closing date with a buffer for delays. Many buyers lock once the contract is signed and the application is complete.
Refinances
Without a contract date, you can choose when to apply. Ask how long processing usually takes so the lock period matches reality.
How lock strategy differs when you have a contract closing date versus a flexible refinance.
New construction
Build timelines are uncertain. Extended locks may be available at a cost; ask about one-time float-down options.
Document readiness
Delays are often caused by missing documents. Gather pay stubs, statements and tax returns before locking.
Get it in writing
Ask for written confirmation of the locked rate, price, expiration date and extension policy.
Lock extensions
If closing is delayed past the lock expiration, ask in advance what an extension costs and who pays when the delay is caused by the lender, the seller or the borrower. These policies vary.
Float-down options
Some lenders offer a one-time float-down if market pricing improves after you lock. Ask whether it exists, what it costs and what conditions apply.
Changes after locking
Changing the loan amount, loan type or occupancy after a lock can change pricing. A new Loan Estimate is generally required within three business days of locking.
General education only; confirm current rules with official sources and a licensed lender.
Sources
Sources checked 10/23/2026.