Rate locks explained: length, extensions and the fine print
Locking with more than one lender
Lock note
You can apply with more than one lender, and some borrowers lock with two to protect against a lender falling through. Each lock may carry its own fees, and a lender that locks for you expects you to close. Read each lock agreement before deciding.
Last reviewed against the primary sources listed below.
Before a second lock
- Ask about nonrefundable lock fees.
- Confirm the lock length and expiration.
- Decide quickly to avoid paying twice.
Rate lock questions
Is it allowed to lock with two lenders?
Generally yes, but each lender may charge for its lock.
Will two applications hurt my credit?
Mortgage inquiries close together are generally treated as one.