A mortgage rate lock could help you save some money on the total cost of your home. A lock is essentially an agreement that says a lender will charge a specific rate and price on the mortgage for a specified period of time while a borrower gets ready to close.
Common lock agreements are for 15, 30 or 45 days, and if your loan doesn’t close by the agreed-upon deadline, you could be subject to fees to extend them.
If you’re not sure when to lock in an interest rate on your mortgage, here are a few things to consider in getting the best possible rate and price.