How do mortgage rate locks work?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A rate lock freezes your interest rate for a set window — commonly 30, 45, or 60 days — protecting you if the market rises before closing. Once locked, your rate won't change as long as you close in time and your file doesn't materially change.
Longer locks cost a bit more, and most Florida purchase contracts close well within a 45-day lock. We watch the market with you and lock at the right moment so you're protected without overpaying for time you don't need.
Freezing your rate
A rate lock freezes your interest rate for a set period, usually 30 to 60 days, while your loan closes. Once locked, your rate will not rise even if the market climbs.
It protects you from rate swings during the weeks between your offer and your closing.
Timing the lock
You typically lock once you have a signed purchase contract and a rate you like. Lock too early and it may expire before closing; lock too late and you risk a higher rate.
We watch the market and help you time your lock. Apply now and we will guide you to lock at the right moment.