Loans
Lock-In
An agreement with your lender to hold a specific interest rate for a set period — typically 30 to 60 days — while your loan is processed. A rate lock protects you from rate increases during that window. If rates drop after you lock, you generally cannot get the lower rate unless your lock includes a float-down option. Lock your rate when you are comfortable with it and confident your loan will close within the lock period.
Why It Matters
Understanding Lock-In is a key part of choosing the right mortgage. The type of loan you select affects your monthly payment, how much interest you pay over the life of the loan, and how much flexibility you have if your financial situation changes.
When comparing loan options, pay attention to how lock-in fits into the bigger picture of your borrowing costs. A knowledgeable loan officer or mortgage broker can help you evaluate whether this option aligns with your financial goals and timeline.