Lock Period
The lock period is the length of time your lender guarantees your interest rate after you lock it — typically 30, 45, or 60 days. If your loan closes within the lock period, you receive the locked rate. If it doesn't close in time, you'll need to pay a lock extension fee or accept the current market rate, whichever applies.
Lock periods are designed to match the expected timeline of your transaction. A 30-day lock works for a refinance or a purchase with a clear, imminent closing. A 45–60 day lock is safer for purchases where construction, title issues, or complex underwriting might cause delays. Longer lock periods (90–120 days) are available for new construction but typically cost more — about 0.125–0.25% of the loan amount per additional 30 days.
If your lock expires before closing, your lender will offer an extension. Extension fees typically run 0.125–0.5% of the loan amount per 7–14 days, depending on the lender. If the delay is caused by the lender (e.g., they need more time to process your file), they may extend at no cost. If caused by the buyer or seller (title issues, appraisal disputes), the cost typically falls to the buyer.
Ask your loan officer what their average closing time is for your loan type and build in a comfortable buffer when choosing your lock period. A purchase with complex income documentation or a condo in a non-warrantable building may take longer than a standard W-2 borrower buying a single-family home.
Key Takeaway
The lock period is the length of time your lender guarantees your interest rate after you lock it — typically 30, 45, or 60 days. If your loan closes within the lock period, you receive the locked rate. If it doesn't close in time, you'll need to pay a lock extension fee or accept the current market rate, whichever applies.
Related Terms
Frequently Asked Questions
You can pay a lock extension fee to extend it, or you'll close at the current market rate — which could be higher or lower than your original locked rate.
Match the lock period to your expected closing timeline plus a buffer. For purchases, 45 days is common; for new construction, 90–120 days may be needed.
Yes. Extended locks beyond the standard 30–45 days typically cost 0.125–0.25% of the loan amount per additional 30-day period.
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