Frequently Asked Questions

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.