Rate Lock
A rate lock is an agreement between the borrower and lender that guarantees a specific interest rate for a set period of time while the loan is being processed.
Rate locks typically last 15 to 60 days, depending on the expected timeline to closing. If rates rise during that period, your locked rate is protected. If rates fall, you are generally locked in at the higher rate unless your lender offers a float-down option.
A rate lock is not the same as a loan approval. It secures pricing but does not guarantee that the loan will close. If the lock expires before closing, the rate may need to be renegotiated or extended — sometimes at additional cost.
Why This Matters: Locking your rate at the right time can save you thousands. Understanding how locks work, how long they last, and what happens if they expire gives you confidence during one of the most time-sensitive decisions in the mortgage process.
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