For buyers & agents1 min read
Rate locks, explained
What it means to lock your rate, how long a lock lasts, and what happens if the market moves after you do.
What a lock is
Mortgage rates move with the market, sometimes day to day. A rate lock holds a specific rate for you for a set number of days while your loan is processed, so a shift in the market doesn't change the rate you were quoted.
How long it lasts
Locks run for a set period, often tied to your expected closing date. If the loan needs more time, a lock can sometimes be extended, occasionally for a fee. Your loan officer will time the lock to your closing.
If rates move
Once you're locked, your rate is set even if the market rises. If rates fall meaningfully before you close, ask your loan officer what options exist, since policies vary. The point of a lock is certainty on the number you planned around.
Questions about your own file?
A loan officer licensed in your state can run your actual numbers.
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This guide is general information, not financial advice, a quote, or loan terms. Program availability and qualification vary. ALCOVA Mortgage LLC, NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender.