A rate lock generally protects specified pricing for a defined period, subject to the agreement’s conditions. Ask for the lock confirmation in writing. A verbal discussion about a rate is not a substitute for knowing whether it has actually been locked.
A useful lock conversation is about the agreement, not predicting tomorrow’s market.
Check the full lock agreement
Record the rate, points or credits, lock expiration, loan amount, and product. Ask whether a change in credit, property, loan amount, or closing date could change pricing. A lock is tied to assumptions that may still need verification.
Match the duration to the transaction
Review appraisal, underwriting, title, and closing milestones with your loan team. A short lock may cost less but can be a poor fit for a transaction with uncertain timing. Ask who pays for an extension and how its cost is determined.
Ask about flexibility before you need it
A float-down option, if offered, has its own conditions and costs. Do not assume a lender will automatically lower a locked rate if the market improves. Clarify the rule before deciding.
Explore private mortgage shopping
Use the free tools to prepare your scenario, then check Quote Your Way for eligible originators and request availability. Review how sharing a scenario differs from choosing a professional to contact you.
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CFPB: Understanding your Loan Estimate ↗General education, not an approval or personalized recommendation. Loan terms and eligibility vary. Our editorial standards.