A rate lock clarifies the pricing terms and timing for a mortgage application, but the written terms must be reviewed carefully before relying on it.
Confirm the lock terms
Ask about the locked rate, APR, points, expiration date, extension rules, float-down options, and what happens if the loan or property changes.
Keep the timeline visible
- Track disclosures and approval milestones.
- Ask who can change the lock and how changes are documented.
- Compare total cost, not just the headline rate.
Educational information only. Confirm current terms and disclosures with the appropriate licensed professional or official agency guidance.