Mortgage Glossary
Lock Period
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A lock period is the window during which a lender guarantees a quoted interest rate while your loan is processed.
What Lock Period means
Common locks run 30, 45, or 60 days. If the loan doesn't close in time, you may need a paid extension or have to accept current market rates.
Florida example
A Florida buyer locks a 6.75% rate for 45 days to match a typical purchase timeline. If closing slips past the lock, an extension fee preserves the rate rather than re-pricing at a possibly higher level.
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