By David Parks · eXp Realty · The Apollo Group · 2 min read
A rate lock holds your quoted interest rate for a set period while your loan is processed, protecting you from rate increases. It may also prevent you from benefiting if rates fall, unless you have a float-down option.
Once you lock, your lender commits to the quoted rate for a period, often 30, 45, or 60 days. You may pay a fee for longer locks.
Many buyers lock once they have an accepted offer and are confident in the closing date. Others lock earlier for peace of mind. Rates can change daily, so ask your lender about timing.
If the lock expires before closing, you may have to extend it for a fee or accept the current rate. Ask about extension costs.
Some lenders offer a one-time chance to lower the rate if market rates drop, sometimes for a fee.
Choose a lock period that matches your expected closing date, with a little cushion. Keep in close contact with your lender and agent about timing.
This article is general information, not legal, tax, financial or inspection advice. Every home and situation is different, so confirm details with a licensed inspector, lender, attorney or tax professional.
David is a Greater Denver real estate advisor with eXp Realty and The Apollo Group (Colorado broker license FA100103211). He has closed more than $55 million in volume, earned eXp Icon status in 2025, and holds a 5.0 rating on Zillow from 27 verified reviews.
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