How to think through when to lock, how long a lock you need and what to ask about extensions, before you commit. Work through each part below with your own numbers and documents, and keep notes as you go.
Know your closing timeline
A lock is only useful if it lasts until closing. Ask the lender how long similar loans are currently taking to close, then add time for appraisal scheduling, title work and any repairs. For a purchase, check the contract closing date. Choosing a lock period that matches a realistic timeline reduces the chance you will need a costly extension.
Understand what is locked
A lock generally fixes the interest rate and points for a set period, assuming your application details do not change. If your credit, income, loan amount or property value changes, the pricing can change too. Ask the lender to put the lock terms in writing, including the expiration date and what could cause the terms to be revised.
How to think through when to lock, how long a lock you need and what to ask about extensions, before you commit.
Ask about costs and options
Longer locks may cost more. Ask whether there is a fee for the lock itself, what an extension costs per day or per week, and whether a float-down option exists if market pricing improves. Write down each answer so you can compare lenders on lock policy, not only on the initial quote.
Keep the file moving
Most lock problems come from delays. Respond quickly to document requests, schedule inspections early and keep the lender and real estate agent informed. If closing is likely to slip, ask about your options before the lock expires rather than after, when choices are usually narrower.
Sources
Sources checked 10/23/2026. General education only; confirm current rules with official sources and a licensed lender.