When should I lock my mortgage rate and how long does a lock last?

Most buyers lock their mortgage rate once they are under contract and have completed the home inspection, typically within the first two weeks after contract acceptance. A rate lock guarantees your interest rate for a set period, usually 30 to 45 days, though longer locks are available for a fee. If rates drop after you lock, you are generally still obligated to the locked rate unless your lender offers a float-down option. If closing is delayed and your lock expires, you may need to extend it or accept the current rate. Timing your lock is a balance between securing a good rate and ensuring it covers your closing date. The specifics depend on your situation and a licensed lender should confirm the best strategy, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.