Financing
Mortgage rate lock
A lender agreement that holds a stated mortgage interest rate for a specified period, subject to the agreement’s conditions and unchanged application facts.
Glossary
Financing
Primary references on this page:
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CFPB Regulation Z: Loan Estimate rate-lock disclosureA mortgage rate lock, sometimes called a lock-in, is a lender commitment that the stated interest rate will not change before closing if the transaction closes within the lock period and the qualifying application facts remain within the agreement. An unlocked rate can move before closing.
The lock has a start, expiration date and time, product, loan amount, property, and conditions. A change in credit, verified income, appraisal, loan amount, down payment, occupancy, or product can affect pricing even when a borrower believed the rate was locked. The written agreement and updated Loan Estimate control the actual offer.
Closing delays create a separate decision. An extension may cost money, change the pricing, or require another approval. A rental owner should align the lock period with appraisal, title, insurance, entity, lease-document, and lender-underwriting dependencies rather than assuming every closing can meet a short target.
The useful record is not a screenshot of an advertised rate. Keep the lock confirmation, Loan Estimate showing whether the rate is locked, expiration timestamp and timezone, extension terms, changed-circumstance notices, and final Closing Disclosure. That record supports both the financing decision and a later variance review.
Questions to answer before relying on the lock
Ask what exact rate, points, credits, loan amount, and product are covered; which facts can change the price; how long the lock lasts; what an extension costs; and whether a float-down option exists. Record the answers with the expected closing critical path.
This is general educational information, not legal or tax advice. Rules vary by state and locality and change over time — check your local law and confirm specifics with a qualified professional.