Process
What is a rate lock?
A lock holds an interest rate for a defined window while the loan is processed.
What is a rate lock?
Interest rates
A lock is an agreement: this rate, this window, these conditions. It is how you stop watching the market every hour, once the calendar to close is real.
Locking too early with a file that is not ready is how people buy extensions. Waiting with a contract and a complete file is a different conversation. Your officer will tell you which one you are in.
01
Until a rate is locked, it can move with the market.
02
A lock is for a defined period, with conditions, not forever.
03
Locks expire. Incomplete files and fantasy closing dates are how you pay for extensions.
04
This page is education, not a lock desk.
How this actually goes
- 01
The file has a realistic close date
Appraisal, title, insurance, and documents have to fit the window. A lock is not a substitute for a calendar.
- 02
You lock with conditions
The agreement covers a rate and a period. Change the loan amount, program, or lock period and pricing can change. Read what you are agreeing to.
- 03
The clock runs
Conditions get cleared while the lock is alive. Complete documents matter more here than anywhere else in the file.
- 04
If it expires
An extension may be available, sometimes at a cost. That is not a surprise fee. It is the market charging you for more time.
Locking is useful when
You are under contract or the refinance is real
There is a date, a property, and a file that can actually close.
You would rather sleep
You have decided the rate works for the monthly number you chose. You do not need to win the next basis point.
Waiting can be wiser when
The close date is fiction
New construction, a short sale, or a missing document stack can outlast a short lock.
The loan is still a maybe
Shopping, no contract, no refinance decision. There is nothing to protect yet.
From this guide
Common questions
When your timeline to close is realistic and your officer recommends it. A lock holds a rate for a defined window. Locks expire. Complete documents matter.
Timing
A lock protects a calendar you can actually keep.
Your loan officer will tell you when locking makes sense. This page will not.
Ready when you are
The house is the point.
Whether you’re buying your first home, moving into your next one, refinancing, or exploring your options, we’re here to help you figure out the next step.