Back to the Mortgage Rate Shopping Guide
Start with your expected closing date and how much payment uncertainty you can tolerate. A lock protects the quoted rate for the stated period, subject to its terms and changes to your application. If you float, the rate can move before you lock.
Match the lock period to the closing timeline
Ask for the expiration date in writing. If closing is expected in 25 days and the lock lasts 30 days, you have a five-day cushion. Consider whether the appraisal, title work, underwriting, or a seller delay could use up that time. Ask who pays for an extension and what happens if the closing date moves again.
Questions to ask before you lock
- Is the rate locked now, and when does the lock expire?
- How do the rate, points, or credits differ for a longer lock?
- What extension terms and fees apply?
- Which changes to the loan or property information could affect pricing?
- Is there a float-down if rates improve, and what conditions apply?
Look near the top of page 1 of the Loan Estimate for lock status. Confirm the written terms and the quote date when comparing offers.
Compare the payment before deciding
Use the purchase payment calculator to test the monthly impact of two rates. Use the mortgage quote comparison guide to check points, cash to close, and fees. If your quotes use different lock periods or cost assumptions, request a second opinion.