Rate Lock

Locking often makes sense once you’re under contract and comfortable with the rate you’ve been quoted, since it removes the risk of rates jumping before you close. Locks come with a time window, so it helps to line up the length with how long your closing is expected to take.

What if rates drop after you lock? Some lenders offer a one-time float-down option that lets you capture a lower rate under certain conditions, though terms vary. There can also be costs to extend a lock if your closing runs long. I’ll walk you through the timing so your lock lines up with your closing.