Know what is locked
Confirm the rate, points or lender credits, loan program, lock date, expiration and assumptions. Pricing can depend on credit, occupancy, property, loan amount and other factors.
Match the lock to the closing timeline
A shorter lock may differ in cost from a longer lock, but it leaves less room for appraisal, title, repairs or contract delays. Choose based on the realistic process rather than an optimistic date.
Report changes immediately
A lock does not preserve eligibility if the transaction or borrower information changes materially. Price, property type, down payment, credit, occupancy and loan structure can affect pricing or approval.
Frequently asked questions
Can a locked rate go down automatically?
Not necessarily. Any float-down or renegotiation option depends on the lender’s written policy and market conditions.
Does preapproval lock a rate?
No. Preapproval and rate locking are separate steps.
Claims in this guide were checked against the linked primary sources. Program guidelines can change; personal eligibility requires a complete application and review.