Here’s why you shouldn’t worry about locking in. Most homeowners think because they locked in a Mortgage Interest Rate with a Mortgage Lender they have committed themselves to the Mortgage Lender.

1. November 2019
Back to blog
Perhaps you’ve heard the term “Lock In” regarding Mortgage
Interest Rates. It sounds like a big, and perhaps scary,
commitment- no? No worries! (And no need to get cold feet.)
We’ll explain why Locking In that Mortgage Interest Rate
isn’t as big of a step as one may think.
What happens when you lock it in?
Locking In the Mortgage Interest Rate is one of the earlier
steps taken when securing a mortgage; For most home
shoppers, it’s best to lock in your Mortgage Interest Rate
after you sign a purchase agreement. Don’t lock too early —
If your loan doesn’t process within your lock period, you’ll
lose the mortgage rate. It pays to shop around when looking
for Mortgage Interest Rates. A Mortgage Rate lock fee can
vary from Mortgage Lender to Mortgage Lender. Once
Mortgage Lenders have your property info, sales contract,
proof of income and analyzed your credit history they’ll
proceed with securing the best Mortgage Interest Rate
possible. Once you Lock-In the Rate, a Mortgage Lender will
agree to keep that Mortgage Interest Rate between 30, 45,
60, to 90 days. After that, you might have to pay a fee to
extend the mortgage rate lock.
What is the Mortgage Interest Rate lock period?
You’re Locked-in, But
Don’t Worry…
Get Started

2. It’s the amount of time you and your Mortgage Lender agree
on a Mortgage Interest Rate that will stay locked before the
closing date. Locking in a Mortgage Interest Rate protects
your Mortgage Rate from market changes that could
increase the Mortgage Rate. And, although Mortgage
Interest Rate lock protects you from higher rates, it won’t get
you a lower mortgage rate, either; unless you have the option
for a one-time ‘몭oat down.’ Once locked, the loan’s Mortgage
Interest Rate won’t change — barring any changes to your
application details. You’re protected from higher Mortgage
Interest Rates but might not have the options for the free
one-time 몭oat-down (most Mortgage Lenders don’t offer a
몭oat down option).
When should I lock in my Mortgage Interest Rate?
Many people wishing to re몭nance or purchase a home
ask, “What if you lock in before an appraisal?” If you lock in
your Mortgage Interest Rate before an appraisal is
completed, a Mortgage Interest Rate adjustment may apply
due to appraised value. Otherwise, it may be possible to 몭oat
your Mortgage Interest Rate and lock in at a later time
(depending on the Mortgage Lender). We always
recommend locking in your Mortgage Interest Rate as soon
as you can, especially if the mortgage Mortgage Lender has a
free 몭oat down policy.
What if my Mortgage Interest Rate lock expires?
Another concern from borrowers is as follows: “My mortgage
rate lock is about to expire and we haven’t closed
yet??” Answer: Once the closing date is only a month or two
away, the Mortgage Lender will allow you to lock in your
Mortgage Interest Rate for a certain number of days.
However, if you must postpone closing past the Mortgage
Interest Rate lock’s expiration date, the Mortgage Interest
Rate lock might not be valid or you might have to pay a rate
lock extension fee.
No Commitment or Obligation
Here’s why you shouldn’t worry about locking in. Most
homeowners think because they locked in a Mortgage
Interest Rate with a Mortgage Lender they have committed
themselves to the Mortgage Lender (which is not true).
At any point during the Re몭nance or Purchase transaction,
you can cancel or choose to work with another Mortgage
Lender. NO commitment, NO obligation, NO worries…
Things that can change the Mortgage Interest Rate.
If you need to update your mortgage application: If you
wish to add a co-borrower, change the loan amount, or

3. For more information on Mortgage Interest Rates, or to
speak with a professional, please feel free to contact us.
Buying a Home
Financial Tips
Re몭nancing
Share post:
Was this article helpful? Yes No
0 out of 0 found this helpful
make any other updates… it’s possible to have your
Mortgage Interest Rate change based on the new scenario,
loan amount, etc.
You want a different kind of mortgage: Even if you need to
change the mortgage type, most likely your Mortgage
Interest Rate will change based on the new mortgage
program. For example, if you choose to change your
conventional loan to an FHA loan.
Credits or Points: If you originally Locked In your Mortgage
Interest Rate, along with your point or credit options- it’s
possible to change the point or credit options to have your
options based on the Mortgage Interest Rates that existed
on the same day that you originally took out the loan.
Related posts
December 2015
Keeping Your Financial
Home In Order
March 2019
5 Tips to Downsizing
During The Chaos

4. Tools
Purchase Calculator
Re몭nance Calculator
Affordability Calculator
Rent vs Buy Calculator
Credits / Points Calculator
Programs
Comparison
So you found “the one”. Now
it’s time to lock in your
몭nancing to secure your
dream home. ...
Financial Tips
Times are looking bleak for
many; Some are out of work,
companies are struggling to
stay a몭oat and the econo...
Financial Tips
September 2016
[Top 7 Home Buying
Tips]: How To Protect
Yourself & Determine If
It’s The Right Time To
Buy A Home
Michael Sema sits with One
America News Network's Liz
Wheeler on the Tipping
Point to discuss why h...
Buying a Home
November 2019
6 Reasons Why You
Should Re몭nance.
There are many reasons to
consider re몭nancing your
current Mortgage (and many
of which can be to your
bene몭...
Financial Tips
Re몭nancing

5. 30 Years Fixed
15 Years Fixed
FHA Loan
VA Loan
About Us
Company Information
Press Room
Careers
Testimonials
Contact
Learn
Blog
FAQs
Of몭ces
NJ Of몭ce
FL Of몭ce
GA Of몭ce
CA Of몭ce
© 2021. Get A Rate LLC. All Rights Reserved
NMLS #907795 Licensed Residential Mortgage Lender in CA, WA, GA, TX, PA, CT,
FL, SC, IL and NJ (by the NJ Department of Banking and Insurance). Equal
Housing Opportunity Lender. When and if acting as a broker, Get A Rate will not
make commitments or fund mortgage loans. Registered NY Mortgage Broker. All
NY mortgage loans are arranged with third party lenders – Get A Rate LLC does
not directly offer or guarantee NY interest rates or loan programs and does not
directly issue commitments or make 몭nal decisions on loan terms. This website is
not authorized by the NYDFS and that no applications can be taken for NY loans
on the site.
Get A Rate LLC is an FHA Approved Direct Lending Institution, and is not acting
on behalf of or at the direction of HUD/FHA or the Federal government. These
programs are not a commitment to lend and program guidelines are subject to
change.
Additional Disclosures
Home / HUD & RESPA
/ State Licenses & Disclosures, Terms & Conditions, Privacy Policy / 888-562-2611
/ Rate Lock Policy / NMLS Consumer Access