Rate locks explained: length, extensions and the fine print
What can break a lock
Lock note
A lock holds only for the loan as described when you locked. If your credit, loan amount, property value, occupancy, program or income documentation changes, the lender can reprice the loan and must give you a revised Loan Estimate when the change affects costs. Keep your file stable and tell your lender early about anything that changes.
Last reviewed against the primary sources listed below.
Common triggers
- A lower appraised value that changes the loan-to-value ratio.
- New debt or a credit score change after a re-pull.
- Switching loan programs or terms.
- Income that cannot be documented as first described.
Your protection
Lenders may revise the Loan Estimate only for specific reasons. The CFPB explains which costs can change.
Rate lock questions
Can my rate change after I lock?
Yes, if something the price depended on changes, such as the appraisal, loan amount or credit. Otherwise the lender should honor the lock until it expires.