A rate lock protects you during processing — but lock periods, float-downs, and fees vary. Ask these five questions before signing.
Locking your mortgage rate is one of those steps that feels final but doesn't have to be rushed.
Start by asking how long the lock lasts. Most lenders offer 30- or 60-day locks; if your closing might slip, a longer lock can be worth a small fee.
Second, ask whether the lock includes a float-down option. If market rates drop after you lock, a float-down lets you take the lower rate — usually for a fee or with a minimum drop threshold.
Third, ask what happens if your closing is delayed through no fault of your own. Some lenders extend locks for free in that case.
Fourth, get the lock terms in writing, including any extension fees.
Finally, ask for the rate AND the APR together. A low headline rate with high fees can cost more than a slightly higher rate with no points.