Rate Lock
A rate lock is a lender's commitment to hold a quoted interest rate for a set number of days while we process your loan.
What Rate Lock means
Locks protect you from rising rates between application and closing. Float-down options let you capture a drop if rates fall during the lock, usually for a fee.
Florida example
A Florida buyer locks 6.75% for 45 days. If market rates climb to 7.1% before closing, the lock saves them; if rates fall sharply, a float-down option could let them grab the lower rate.
What it is
A rate lock is a lender's promise to hold your quoted rate for a set number of days. It shields you if rates rise before you close.
Locks commonly run 30, 45, or 60 days.
When to lock
Lock once you have a signed contract and a clear closing date. Locking too early risks an extension fee.
We time your lock to protect your rate. Apply now and we will lock at the right moment.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: Freddie Mac Primary Mortgage Market Survey and Federal Reserve H.15 selected rates.