Complete Mortgage Rate Lock Guide
Written by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A mortgage rate lock is the lender's commitment to hold your quoted interest rate for a set period, protecting you from increases while your loan is processed. It removes the risk of rates rising before you close.
This guide explains how locks work, when to lock, and what a float-down is. Mortgage Capital, NMLS# 1859012, helps Florida borrowers time their rate lock.
What a rate lock does
When you lock, the lender guarantees your rate for a set window, commonly 30 to 60 days, regardless of market movement. If rates rise, you keep your locked rate.
The lock is tied to a specific loan, property, and timeframe, so it assumes your loan closes within the window.
When to lock
Most borrowers lock shortly after going under contract, once the closing date is set. Locking too early risks the lock expiring before closing; locking too late risks a rate increase.
If you expect rates to fall, you might wait, but you take on the risk that they rise instead.
Lock periods and extensions
Lock periods are usually 30, 45, or 60 days. Longer locks may cost slightly more. If your closing is delayed past the lock, you can often extend it for a fee.
Keeping your loan on schedule is the best way to avoid extension costs.
Float-down options
Some lenders offer a float-down, which lets you take a lower rate if the market improves significantly after you lock, while still protecting you if rates rise. It may carry a cost.
This hedges both directions, but the fee means it only pays off with a meaningful rate drop.
Locking in Florida
Florida closings can be affected by insurance and condo review timelines, so choose a lock period that gives enough room. We align your lock with a realistic closing date.
If a delay looms, we address it early so your rate protection holds.
Complete Mortgage Rate Lock Guide: step by step
Frequently asked questions
What is a mortgage rate lock?
The lender's commitment to hold your quoted rate for a set period, protecting you from increases before closing.
How long does a rate lock last?
Commonly 30 to 60 days. Longer locks may cost slightly more, and extensions are available for a fee.
When should I lock my rate?
Usually shortly after going under contract, once your closing date is set, to cover the processing window.
What happens if rates fall after I lock?
You keep your locked rate unless your lender offers a float-down option that lets you capture the lower rate.
What is a float-down?
An option that lets you take a lower rate if the market improves significantly after locking, often for a fee.
What if my closing is delayed past the lock?
You can usually extend the lock for a fee. Keeping the loan on schedule avoids the cost.
Does a rate lock cost money?
A standard lock is typically included, but longer locks, extensions, and float-downs may carry fees.
Can my locked rate change?
Generally no, unless the loan details change, such as the loan amount, property, or your credit profile.