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Understanding mortgage rate locks

Lock in an interest rate

Mortgage interest rates can change daily. By locking in a rate, you're guaranteed to get that rate for a certain period of time.

What to consider when locking an interest rate

Why should I lock in an interest rate?

Interest rates are unpredictable, so if you've found a loan that meets your budget, consider locking in the rate. Locking a rate can protect you from swings in the market. You'll likely pay a fee to lock a rate. The fee may vary from lender to lender.

When can I lock an interest rate? How long does it last?

You can lock an interest rate up to 5 days before closing. Rate locks usually range from 30 to 90 days. Ask your home buying team when they expect you'll close on your new home and plan accordingly.

What happens if a rate lock expires before closing?

If it looks like your closing will be delayed, ask your lender about a rate lock extension as soon as you can. Otherwise, your interest rate will return to the current market rates.

Do the pros of a rate lock outweigh the cons?

As we mentioned, interest rates are unpredictable. Sure, they can go down after you lock, but they can also go up. Locking a rate protects you from a rate increase which could impact your monthly payments and overall budget. Locking at a lower rate could also save you money over the life of your loan.

Learn from the pros

Hear from mortgage professionals to get the inside scoop on locking in a rate. Consult a Home Lending Advisor for further details.

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