Rate locks explained: length, extensions and the fine print
Choosing a lock length
Lock note
Pick a lock that ends after your expected closing with room to spare for delays such as appraisal scheduling or document requests. Lenders commonly offer periods in steps of about two weeks to a few months; longer locks usually come with a higher price because the lender carries more market risk.
Last reviewed against the primary sources listed below.
Build in a buffer
A lock that expires the day before closing forces an extension or relock. Count back from the contract closing date and ask your lender how long its files are taking right now.
Things that stretch timelines
- Appraisal backlogs.
- Condominium or title questions.
- Self-employment or other income that takes longer to document.
Rate lock questions
Is a longer lock always better?
No. It gives more protection against delays but usually costs more. The aim is a lock long enough to close with a reasonable buffer.
When should I lock my mortgage rate?
Many borrowers lock once they have an accepted offer and a lender, when the remaining time to closing fits a lock period they can afford.