Why Lock?
Mortgage markets move.
Without a lock, pricing could change before closing.
Lock Period
Locks may be available for different periods.
Longer locks can carry different pricing.
What if Closing Is Delayed?
If the lock expires, an extension may cost money, change pricing, or depend on who caused the delay.
This is one reason transaction timing matters.
What if Rates Fall?
A normal lock does not necessarily automatically give you the lower rate.
Some lenders offer float-down features under specific conditions.
Do Not Let Your Lock Expire Because of Avoidable Delays
Respond promptly to lender requests, insurance requests, HOA documentation and appraisal issues.
Lisa helps coordinate the real-estate timeline.
