Transcript: Locking in a Rate
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This video opens with a title over blue:
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'Locking a rate.'
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The Chase logo remains in the corner.
Narrator:
Once you've found a home loan that meets your budget, you might want to lock in your interest rate before you close.
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In an animation, a house with a For Sale sign pops up beside a pair of women. A lock icon appears beside a rate of 6.75%.
Narrator:
Locking your rate can protect you from changes in the market that could cause your rate to increase. Your locked rate will be guaranteed for a set period of time.
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An upward pointing arrow appears beside a rate of 7.75%. Text appears:
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'Likely to pay a fee to lock your rate; Fees vary by lender.'
Narrator:
Keep in mind, you'll likely have to pay a fee to lock your rate, and the fee may vary by lender.
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A green line stretches across the days of a calendar, and locks appear in the five days leading up to a circled day marked 'Closing.'
Narrator:
Rate locks usually last from one to three months, and you can lock your rate up to five days before closing. Ask your lender when they expect you'll close on your new home and plan accordingly.
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At an office, the couple sits with a Chase advisor.
Narrator:
If your closing is delayed, don't worry. You can always ask your lender to extend your rate lock.
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Text appears with a checklist:
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'If your rate lock expires: Pay a relock fee; Could pay a higher rate.'
Narrator:
If your rate lock does expire, you'll need to pay a fee to lock in a new rate.
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The couple chats with the Chase advisor.
Narrator:
You might be thinking, "But what if rates go down after I lock my rate? Wouldn't I lose out on savings?"
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Text appears:
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'Protect you from rate increases.'
Narrator:
That can happen, but locking your rate protects you from rate increases that could impact your budget and make that perfect loan not so perfect.
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The couple points to the house for sale.
Narrator:
Locking a rate can be a smart step in your home buying journey and we can help.
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The video ends with a logo:
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Chase. Make More of What's Yours (registered trademark).
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Disclosures appear alongside an Equal Housing Opportunity logo:
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Products, services, processes and lending criteria described in these videos may differ from those available through JPMorgan Chase Bank N.A. or any of its affiliates. The views expressed in this video do not reflect the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products provided by JPMorgan Chase Bank, N.A. Copyright 2025 JPMorgan Chase & Co. Member FDIC.