Should I Lock My Mortgage Rate Today?

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When applying for a mortgage, you have some control over the mortgage rate, as lenders will consider your credit score, income, and assets to determine your risk as a borrower.

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Read on to learn how a mortgage rate lock works and the potential benefits and consequences of using this approach.

What Is A Mortgage Rate Lock?

A mortgage rate lock is an agreement between a borrower and lender to secure an interest rate on a mortgage for a set period of time. Learn more

How A Mortgage Rate Lock Works

How the rate lock works in practice will vary among lenders, loan terms, different types of mortgages, and geographic locations. Learn more

Consequences Of Not Locking In Your Mortgage Rate

If you don’t lock in a rate, it can change at any time. An uptick in interest rates would translate to a higher monthly mortgage payment. Learn more

What To Do If Interest Rates Fall After Your Rate Lock

Float-down policies vary by lender but generally cost more than a conventional rate lock for the added flexibility and assurance. Learn more

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