Secure Home Financing: Rate Locks.

Navigate mortgage rate lock policies effectively for the best home loan deal. Get expert insights in our guide.

The Policies

Mastering mortgage rate lock policies

A mortgage rate lock policy is an agreement between the borrower and the lender that guarantees a specific interest rate for a set period of time, typically between 30 and 90 days.



A mortgage rate lock policy is an agreement between the borrower and the lender that guarantees a specific interest rate for a set period of time, typically between 30 and 90 days.


Protection against Rising Rates

Rate lock policies can be helpful for borrowers who are concerned about interest rates rising before their loan is funded. By locking in a rate, borrowers can protect themselves against potential increases.


Potential Cost

Depending on the lender, borrowers may need to pay a fee to lock in a rate. This fee can be a flat fee or a percentage of the loan amount, and may or may not be refundable.


Rate Lock Extensions

If a borrower's rate lock is set to expire before their loan is f unded, they may be able to extend the rate lock for an additional fee. However, this is not always guaranteed and can depend on the lender's policies.


Float Down Option

Some lenders may offer a "float down" option that allows borrowers to adjust their interest rate lower if rates have fallen since they locked in their rate. However, this option may also come with additional fees.



Rate locks typically expire after a set period of time, so borrowers should be aware of the timing and make sure that their loan is funded before the lock expires.

Cancel Plan

Cancellation policy

  • If a borrower decides to cancel their loan after locking in a rate, they may forfeit any fees paid for the rate lock, depending on the lender's policies.

  • It's important for borrowers to carefully review and understand the terms and conditions of their rate lock agreement, including any fees or potential penalties. You should also work closely with your lender to ensure that your loan is funded within the time frame of the rate lock agreement.


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