Rate locks explained: length, extensions and the fine print
Get the lock in writing
Lock note
Page one of the Loan Estimate shows whether your rate is locked and, if so, the date and time the lock ends. When you lock, ask for a written confirmation showing the rate, points or credits, lock period, expiration and any extension terms, and compare it with your next Loan Estimate.
Last reviewed against the primary sources listed below.
Your lock checklist
- Rate and points or credit.
- Lock date and expiration, with time zone.
- Loan program, term and amount.
- Extension cost and float-down terms, if any.
Rate lock questions
Where does the Loan Estimate show my lock?
Near the top of page one, which states whether the rate is locked and when the lock expires.