How does locking in the interest rate for a mortgage work?
• Locking your rate and being approved for a mortgage are independent of each other. You can lock the rate of your mortgage at any time between when you apply and three days before closing. • Your rate is locked for a certain number of days, 30, 45, 60, etc. You must close within the time of your lock period or possibly pay extension fees. • Once you are locked, your rate is protected from going up, but it is also prevented from going down. If there is a significant dip in rates, I will work to get you a lower rate.
