Interest rate lock

Locks commonly run for periods such as 30, 45 or 60 days, and longer locks may cost more. If closing is delayed past the lock expiration, an extension may carry a fee. Some lenders offer a float-down option that lets you capture a lower rate if the market improves.

Timing matters: most buyers lock once they have a contract and a clear closing date. Our Lock & Shop option lets eligible buyers lock a rate before they find a home, which can help in a rising market. Ask how your lock handles changes to loan amount or credit.