Understanding How Mortgage Rate Lock Works
- Seattle, Portland, San Francisco
- 2023/01/26
A rate lock guarantees an interest rate for a specified period, such as 30, 45, or 60 days. Lenders may charge a fee for the rate lock or include the cost in the loan. Fees vary based on: Loan size Loan term Length of lock-in period Once locked, rate won't change unless changes in application occurs.
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