Mortgage rate locks: what to confirm before you count on one

A rate lock can hold specified loan pricing for a set period, subject to the lender’s terms and details of the transaction. A rate mentioned in conversation or shown on an estimate does not by itself confirm a lock. Check the Loan Estimate and ask the lender to confirm the status in writing.

Confirm the key details

• Status: Is the rate locked or floating? The Loan Estimate indicates whether the disclosed rate is locked.
• Expiration: What date and time does the lock end, including the relevant time zone?
• What is covered: Confirm the rate and any related points or lender credits, and ask what transaction changes could affect them.
• Extension terms: If closing may run past expiration, ask what extension options exist, what they cost, and who pays if a delay occurs.
• Lock changes: Ask how the lender handles a changed loan amount, property, or other application details.

Match the lock period to the closing plan

If the lock expires before closing, ask the lender about an extension and its cost. Check early whether the appraisal, underwriting, and closing schedule fit within the lock period. Tell the lender if the schedule changes.

A lock does not guarantee that every loan term will stay the same under all circumstances. Ask the lender to explain the written agreement and any conditions that apply. The CFPB notes that extending an expired lock may cost money, so ask about options before you need one.

Read the CFPB Loan Estimate explainer for the rate-lock field and related disclosures. Its guide to choosing a loan offer recommends checking whether your rate is locked and ensuring you can reasonably expect to close before it expires.