Rate locks explained: length, extensions and the fine print
Locking before you find a home
Lock note
Most locks require a property address, but some lenders offer programs that lock before you find a home. These may have fees and specific timelines. Read the terms on how long the lock lasts and what happens if you do not buy.
Last reviewed against the primary sources listed below.
Terms to read
- Length of the lock.
- Fees.
- What happens if you do not buy.
Rate lock questions
Can I lock a mortgage rate before I find a house?
Some lenders offer it, often with fees.
Do I need an address to lock?
Usually yes.