Locking is a risk decision, not a prediction. Here's how to make it deliberately instead of by accident.
A lock freezes your rate and pricing for a set number of days. Longer locks cost more. Since a typical file here closes in 15 days or less, shorter and cheaper locks are usually available.
The three questions
Can you afford the payment at today's rate? If yes, the lock protects you. If you need rates to drop to make the payment work, the problem is the price point, not the lock.
- How firm is your closing date?
- Would a 0.25% move change your decision to buy?
- Does the lender offer a float-down, and at what cost?
Buydowns and concessions
When sellers are giving concessions, a temporary or permanent buydown often beats a price cut on monthly cost. Check the current market snapshot for where concessions stand, and model both in the calculators.
Refinance timing is different
For a refi there is no contract clock, so break-even math rules. Work through rate-and-term versus cash-out before you lock.
Programs mentioned
- Home Purchase
Buy with a plan, not a guess.
- Refinance (Rate & Term)
Lower the rate, shorten the term, or both.
Keep reading
- How a Mortgage Closes in 15 Days: The Behind-the-Scenes Timeline
A day-by-day view of what happens between application and signing — and the three things that cause every delay.
- The Appraisal: What It Is, What Happens If It Comes In Low
An appraisal protects the lender, not your feelings about the house. Here's how to prepare and how to respond to a low number.
- The First-Time Buyer Roadmap: Nine Steps From Curious to Closed
Every step from your first budget conversation to the day you get keys — including what happens behind the scenes while you wait.
- The Document List That Gets You Pre-Approved Fast
Most delays come from missing paperwork, not underwriting. Here's exactly what to gather before you apply.