![]() ![]() If you are concerned that your rate lock period might be too short, ask your lender about switching to a longer rate-lock period now. If you decide to get a rate lock, you should make sure your rate lock agreement is long enough to cover the time until you close on your loan. “If I lock my rate, and interest rates go down, what happens?”.“If I lock my rate, are there any conditions under which my rate could still change?”.“What if my closing is delayed and the rate lock expires?”.“Is a shorter or longer rate lock available, and at what cost?”.“What rate lock time frame does this Loan Estimate provide?”."What does it mean if I lock my rate today?”.Your lender could not document your overtime, bonus, or other income.Your credit score changes, for example because you applied for or took out a new loan, or missed a payment on an existing loan or credit card.The appraisal on the home you want to buy came in higher or lower than expected.You decided to change the kind of loan you are requesting or the amount of your down payment.Here are some common reasons why your interest rate might change, even though it is locked: If your rate is locked, it can still change if there are changes in your application-including your loan amount, credit score, or verified income. Check at the top of page 1 of your Loan Estimate to see if your rate is locked, and for how long. Some lenders may lock your rate as part of issuing a Loan Estimate, but some may not. And, a rate lock may lock you out of a lower interest rate if rates fall after you get your loan offer. It may be expensive to extend if your transaction needs more time. ![]() If your rate is not locked, it can change at any time. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer. If your interest rate is locked, your rate won’t change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Mortgage interest rates can change daily, sometimes hourly.
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