Frequently Asked Questions

We shop available mortgage pricing through our network of 40+ wholesale lending partners rather than limiting your options to one institution.

Different lenders may offer different rates, points, lender credits, or fees for similar mortgage scenarios.

When comparing options, we look at more than the advertised rate. We also consider the loan term, monthly payment, upfront expenses, and other features that may affect the overall cost of your mortgage.

For example, an option with a slightly lower interest rate may require additional discount points, while another may offer lender credits to reduce eligible closing expenses.

We’ll explain those differences so you can evaluate the available options based on your goals and financial situation.

Mortgage pricing depends on several factors related to your financial profile, property, and loan structure.

Common factors include:

• Credit score: Your credit profile may affect available pricing.
• Down payment and loan-to-value ratio: The amount borrowed relative to the property’s value can influence risk and pricing.
• Property type and occupancy: Primary residences, second homes, and investment properties may be priced differently.
• Loan amount: Certain loan sizes or categories may have different pricing.
• Loan program: Conventional, FHA, VA, jumbo, and specialty programs have different structures.
• Loan term: A 15-year mortgage may be priced differently from a 30-year mortgage.
• Market conditions: Available rates can change as financial markets move.

We’ll review your specific scenario and explain which factors are affecting the available options.

Yes. You can begin exploring available mortgage rates through our online rate-comparison tool without submitting a full loan application or providing your phone number or email address at the initial comparison step.

You’ll enter basic information about the loan scenario, such as the property location, purchase or refinance purpose, estimated loan amount, property value, occupancy, and credit profile.

The results can help you explore available rate and pricing options.

However, online results are informational estimates, not a final loan offer, underwriting approval, or confirmed rate lock.

If you want to review a particular option in greater detail, our loan advisors can help verify your scenario and explain the next steps.

Mortgage rates are influenced by financial-market conditions, including movements in mortgage-backed securities, bond yields, economic expectations, and lender pricing decisions.

Because these factors change, mortgage rates can move from one day to another and sometimes more than once during the same day.

A rate you saw yesterday may not be available when you’re ready to apply or lock.

We can help you review current pricing and explain the rate-lock options available for your expected closing timeline.

Rather than relying only on headlines about rates rising or falling, it’s useful to compare what the actual market offers for your specific mortgage scenario.

An adjustable-rate mortgage (ARM) is a home loan with an interest rate that may change over time.

Many ARMs begin with an initial fixed-rate period, such as 5, 7, or 10 years. After that period, the interest rate can adjust based on the loan’s index, margin, and adjustment rules.

Unlike a fixed-rate mortgage, an ARM’s interest rate and monthly principal-and-interest payment may increase or decrease when adjustments occur.

Before choosing an ARM, it’s important to understand:

• How long the initial fixed-rate period lasts
• When future adjustments can occur
• How the adjusted rate is calculated
• The maximum amount the rate can change
• How higher rates could affect your monthly payment

We’ll help you compare available ARM and fixed-rate options, including the potential benefits and risks of each.

Your interest rate is the rate used to calculate the interest charged on your mortgage balance.

The Annual Percentage Rate (APR) expresses the cost of credit as a yearly rate and includes certain finance charges in addition to interest.

For example, two mortgage offers may have similar interest rates but different APRs because their qualifying finance charges differ.

APR can be helpful when comparing similar loans, but it doesn’t necessarily include every expense associated with the transaction.

We’ll help you review both figures alongside discount points, lender credits, closing costs, and loan terms so you understand what you’re comparing.

Not by itself.

APR is a useful comparison tool, especially when looking at similar mortgage products, but it doesn’t tell you everything about the financial impact of a loan.

You should also review:

• Interest rate
• Loan term
• Discount points
• Lender credits
• Closing costs
• Monthly payment
• How long you expect to keep the mortgage

For example, one loan may have a lower APR but require higher upfront expenses. Whether those expenses make sense can depend on how long you’ll keep the loan.

APR comparisons can also be more complicated when comparing fixed-rate mortgages with adjustable-rate loans.

We’ll help you evaluate the complete loan structure instead of relying on APR alone.

No. The lowest available interest rate isn’t automatically the least expensive option for every borrower.

A lower rate may require you to pay discount points upfront. Another option may offer a slightly higher rate with lender credits that reduce eligible closing costs.

For example, if you expect to keep the mortgage for only a short period, paying additional points may not provide enough interest savings to recover the upfront expense.

If you expect to keep the loan much longer, the calculation may be different.

We’ll help you compare the available structures, including their upfront costs, monthly payments, and estimated long-term differences.

Yes. Comparing mortgage options is an important part of our process.

We can help you evaluate different available loan terms and pricing structures, including options with discount points, no points, or lender credits.

For example, you may want to compare:

• A 30-year mortgage with a lower required monthly principal-and-interest payment
• A 15-year mortgage with a faster repayment schedule
• A loan with points paid upfront for a lower interest rate
• A loan using lender credits to offset certain closing expenses

Not every option will be available for every borrower, but we’ll explain the eligible choices and their tradeoffs.

Compare Current Mortgage Rates

A mortgage rate lock is an agreement that establishes an interest rate and certain pricing terms for a specified period, subject to the conditions of the agreement.

A rate lock can help protect your agreed pricing from market increases while your loan moves toward closing.

However, the protection generally depends on closing within the specified period and keeping the loan consistent with the applicable terms.

Important details include:

• Your locked interest rate
• The lock expiration date
• Applicable points or lender credits
• Any conditions that could affect the pricing
• Available extension policies if closing is delayed

We’ll help you understand these terms before you decide to lock.

No. A mortgage pre-approval and a mortgage rate lock are two separate things.

Your pre-approval helps estimate your borrowing eligibility based on the information reviewed. It doesn’t automatically reserve an interest rate.

Likewise, checking rates on our website or receiving an estimated mortgage quote doesn’t establish a binding rate lock.

At Lock It Mortgage, a binding rate lock requires the appropriate loan-file review and formal Rate Lock Confirmation.

We’ll explain when locking is available and what information is needed to establish the lock for your transaction.

The right time depends on your loan, closing timeline, market conditions, available lock periods, and personal preferences.

Locking your rate can protect you against increases during the lock period, but it may also mean you don’t benefit from lower market rates unless the lender offers an eligible adjustment option.

Before deciding, we can help you consider:

• Your expected closing date
• Available lock periods
• Any charges associated with different lock lengths
• The possibility of delays
• The lender’s extension and float-down policies

We’ll explain your choices and help you understand the tradeoffs so you can make an informed decision.

Rate-lock periods vary by lender and loan program.

Common lock periods may include 30, 45, or 60 days, although shorter or longer options may also be available.

The appropriate period depends on how much time your transaction is expected to need before closing.

For example, a loan with an extended construction or closing timeline may require different planning from a straightforward purchase scheduled to close in several weeks.

Your written rate-lock confirmation should identify the applicable expiration date and terms.

We’ll review those details with you and discuss any timing concerns before requesting the lock.

Once your rate has been locked, the agreed pricing generally remains in place for the lock period, even if market rates decrease.

Some lenders may offer a float-down option or another permitted way to adjust pricing when rates fall. These options aren’t available for every loan and may involve specific conditions or charges.

For example, a lender may require the market rate to fall by a certain amount before an adjustment becomes available.

If rates decrease after you’ve locked, let your loan officer know you’d like to review your options.

We’ll check the selected lender’s policies and explain whether any adjustment is available rather than assume your locked rate can automatically be changed.

If your loan isn’t ready to close before the lock expires, you may need a rate-lock extension or new pricing.

The available choices depend on the lender’s policies, market conditions, and your original lock agreement.

A delay can happen for several reasons, such as:

• Outstanding underwriting conditions
• Appraisal or property-related issues
• Missing or updated documents
• Title or closing complications
• Changes to the purchase transaction

Some extensions involve additional fees or pricing adjustments.

Let us know as soon as you become aware of a possible delay. We’ll review the anticipated closing date with the lender and help you understand the options before your lock expires whenever possible.

There isn’t one extension fee that applies to every mortgage.

The cost depends on the lender, the length of the extension, the original lock terms, and potentially the circumstances surrounding the delay.

Some extensions may involve an additional fee or pricing adjustment, while others may be available without an extra charge under certain conditions.

Because we work with multiple wholesale lending partners, we’ll review the actual extension options for your specific loan rather than quote a universal amount.

If your closing timeline changes, contact us early so we can determine whether an extension or another permitted option is appropriate.

Possibly. A rate lock generally applies to a specific loan scenario.

If important details change, the lender may need to reevaluate pricing or eligibility.

Examples include changes to:

• Loan amount
• Down payment or loan-to-value ratio
• Credit score
• Property type or occupancy
• Loan program
• Verified financial information

Not every change will affect the rate, but some may.

We recommend discussing material changes with your loan officer before making them, so we can review the potential impact on your lock and financing.

If you decide not to move forward after locking your rate, contact your Lock It Mortgage loan officer as soon as possible.

Locking a rate doesn’t automatically mean you’re required to complete the mortgage.

However, some expenses already incurred during the process, such as appraisal or other third-party charges, may not be refundable.

Certain lenders may also have specific cancellation, deposit, or other contractual requirements.

We’ll help you review the applicable terms and understand what expenses or obligations may remain.

For a formal cancellation or other time-sensitive instruction, follow the notice procedures specified in your loan documents. Don’t assume that a website message or ordinary email is sufficient.

Closing costs are the expenses associated with arranging and completing a mortgage transaction.

Depending on your loan, they may include:

• Lender charges: Origination, underwriting, processing, or other applicable lender fees.
• Third-party services: Appraisal, credit report, title, settlement, or other required services.
• Government charges: Applicable recording and other government-related fees.
• Prepaid expenses: Interest or insurance collected in advance.
• Initial escrow deposits: Funds collected for future property taxes or insurance when applicable.

Not every charge applies to every transaction, and the amounts can vary based on the lender, property, location, and loan program.

We’ll help you review your Loan Estimate and understand which expenses make up the total cash needed at closing.

We compare more than interest rates when reviewing available lender options.

Different lenders may structure their origination charges, discount points, and lender credits differently.

For example, one option may offer a lower rate with additional upfront charges, while another may reduce certain upfront expenses through lender credits.

Our team can help you compare:

• Interest rate and APR
• Lender-controlled charges
• Discount points
• Lender credits
• Estimated third-party expenses
• Total cash needed at closing

Some third-party charges may remain similar regardless of the lender, while others can vary.

We’ll explain the differences so you can evaluate the overall loan terms and costs rather than focus on one fee.

Lender fees are charges associated with originating or processing the mortgage, depending on the lender’s pricing structure.

They may include origination, underwriting, processing, or administrative charges.

Third-party costs are charged for services provided by other companies or professionals involved in the transaction.

Examples include:

• Appraisal services
• Credit reports
• Title searches
• Title insurance
• Settlement or escrow services
• Certain recording or property-related services

Some third-party services may be shoppable, subject to the lender’s requirements.

We’ll help you understand which charges are lender-related, which come from outside providers, and where you may have choices.

Prepaid interest is the mortgage interest that accrues between your loan’s closing date and the period covered by your first regular mortgage payment.

For example, if your loan closes in the middle of a month, interest may be collected at closing for the remaining days before the next payment cycle begins.

The amount depends on:

• Your loan balance
• Interest rate
• Applicable daily interest calculation
• Number of days being collected

Prepaid interest isn’t a separate lender origination fee. It’s interest on the new mortgage collected upfront.

You’ll generally see it listed among the prepaid expenses in your Loan Estimate and Closing Disclosure.

Discount points are upfront charges that can be paid to obtain a lower mortgage interest rate.

One point equals 1% of the loan amount. However, the amount by which a point reduces the rate varies.

For example, paying points may increase your upfront expenses but reduce your monthly principal-and-interest payment.

Whether that makes sense depends on how much the points cost, the monthly savings, and how long you expect to keep the mortgage.

We can help you compare loan options with different point structures and estimate how long it could take for the interest savings to recover the additional upfront expense.

Potentially, yes.

Depending on current lender pricing and your qualifications, you may have options that include:

• Paying discount points for a lower rate
• Choosing a rate with no discount points
• Accepting lender credits to offset eligible closing expenses

A no-point mortgage doesn’t mean the loan has no other closing costs.

The interest rate and other pricing terms may also differ from an option that includes points.

We’ll help you review the available choices so you understand what you’re paying upfront and how the pricing affects your mortgage.

Lender credits are amounts provided through the mortgage pricing structure that can offset certain eligible closing costs.

In many situations, a lender credit is associated with a higher interest rate than another available option.

For example, a borrower may choose a loan with lender credits to reduce certain upfront expenses, accepting a different monthly payment in exchange.

The appropriate choice depends on your cash available for closing, budget, expected time in the loan, and overall financing goals.

We’ll explain the credit amount, the corresponding interest rate, and any relevant restrictions before you decide.

Sometimes. Depending on your purchase contract and loan program, the seller may be able to contribute toward certain eligible closing expenses.

These contributions are often called seller concessions or seller-paid closing costs.

However, lenders and programs impose limits on the amounts and expenses that can be covered.

For example, contribution limits may depend on the loan type, property occupancy, and down payment.

Your real estate agent can help negotiate the purchase contract, while we’ll explain the mortgage program’s applicable rules and how the contribution may affect your cash needed at closing.

For some eligible refinances, certain closing expenses may be added to the new loan amount instead of being paid upfront.

This may reduce your immediate cash requirement, but it also increases the amount you’re borrowing and can affect your payment and total interest expense.

Another possibility is using lender credits to offset certain eligible charges, depending on available pricing.

Purchase transactions have different requirements and may involve seller contributions or other permitted arrangements.

We’ll review what’s allowed for your transaction and help you understand the tradeoffs before moving forward.

A Loan Estimate is a standardized disclosure that provides important estimated information about a mortgage you’re considering.

It includes items such as the loan amount, interest rate, projected payment, and estimated closing costs.

A Closing Disclosure provides final loan terms and closing-cost information before the transaction is completed.

For most covered mortgages, you must receive the Closing Disclosure at least three business days before consummation, subject to applicable rules.

When you receive these documents, we encourage you to review:

• Loan amount and interest rate
• Monthly payment
• Discount points and lender credits
• Lender and third-party charges
• Prepaid and escrow amounts
• Cash needed to close

Our team can help you understand the mortgage-related figures and address questions about differences between the initial estimates and the final disclosures.