A mortgage rate lock is a lender’s written commitment to hold your interest rate, points, and lender credits for a set number of days while your loan closes. Once it is in place, bond-market swings between contract and closing cannot raise your payment. What it does not do is guarantee that your loan will be approved or that your closing will happen on time, and that gap is where most Virginia buyers get surprised.
This article covers how locks work, what they cost, when to lock, and what to do if your closing date slips. It is written by Duane Buziak, an independent mortgage broker with access to 500+ wholesale lenders, so the examples reflect how locks play out in real Virginia purchases and refinances.
What a Rate Lock Protects and What It Leaves Exposed
A rate lock, sometimes called a rate commitment, fixes three things for a stated period: your interest rate, the points you pay (or the credit you receive) for that rate, and any lender credits tied to it. The commitment holds as long as the loan details you applied with stay the same.
The alternative is a floating rate. A floating rate is not locked, so it moves with the mortgage bond market, which reprices constantly. Lenders can and do update their rate sheets several times in a single day when markets are volatile. If you float, the rate you see Monday morning may not be the rate available Monday afternoon.
What a lock does not guarantee
A lock protects pricing only. It does not promise approval, and it does not promise a closing. If underwriting turns up a problem, the lock does not rescue the loan.
The lock can also be voided or repriced if the file changes. The usual triggers:
- Credit: a score drop that moves you into a different pricing tier, or new debt that changes your qualifying ratios.
- Loan amount: a different down payment or purchase price.
- Property: switching homes, or an appraisal that changes the property type or value assumptions.
- Occupancy: moving from primary residence to second home or investment property.
A quote is not a lock
A rate quote, a Loan Estimate, and a pre-approval letter are all estimates unless the lender states in writing that the rate is locked. A Loan Estimate is a standardized disclosure of your expected terms. It can show a rate, but if that rate was floating when the document was issued, it can still change. Ask directly: “Is this rate locked, and when does the lock expire?” If the answer is not a clear yes with a date, you are floating.
How the Rate Lock Process Works From Contract to Closing
The sequence is fairly consistent across lenders, though the timing varies by file.
- Pre-approval. You document income, assets, and credit so you know what you can afford. This does not lock a rate.
- Accepted offer. You have a signed purchase contract with a target closing date.
- Property identified. Lenders generally need a specific address before they can lock, because pricing depends partly on property type, location, and occupancy.
- Loan type and program chosen. Conventional, FHA, VA, USDA, or jumbo each carry different pricing and timelines.
- Lock requested and confirmed in writing. You should receive a confirmation showing the rate, points or credits, and an expiration date.
Lock periods
Lock periods are commonly 30, 45, or 60 days. Longer periods usually price higher, because the lender carries the risk of market moves for longer. Options and pricing differ by lender, so verify the current menu before you choose.
New construction
Builds can take many months, which is longer than a standard lock. Buyers of new construction typically use extended locks, which cost more, or a float-down option that lets them capture a lower rate if the market improves before closing. Not every lender offers these, and terms vary.
A worked example
Suppose you are buying a home in Glen Allen and your contract sets closing for day 38. You lock for 45 days on the day the contract is signed. That leaves seven days of cushion.
Those seven days matter. If the appraisal comes back a few days late, or the title company needs extra time to clear a lien, the loan can still close inside the lock. With a 30-day lock on the same timeline, the lock would expire eight days before closing, and you would be paying for an extension or taking whatever the market offered.
What a Rate Lock Costs and When It Is Free
Standard short locks are often built into the pricing you are quoted, so you do not see a separate line item. Costs show up when you ask for more time: extended lock periods are typically priced into the rate or points up front, and late-stage extensions are usually charged as a fee when your original lock is about to expire.
Extension costs are generally expressed as a fraction of a point, where one point equals 1% of the loan amount, or as a price adjustment. Here is an illustration only, not a quote. Suppose a lender charges 0.25 point to extend a lock on a $400,000 loan. That is 0.0025 times $400,000, or $1,000. Actual fees vary by lender and by how many days you need.
The trade-off
A longer lock costs more, whether through a slightly higher rate or points. A shorter lock costs less but leaves less room if something slips. The right choice depends on how predictable your closing is.
- A clean contract with a cooperative seller, a quick appraisal market, and straightforward title work can justify a shorter lock.
- A condo with documents still being gathered, a property needing repairs, or a busy appraisal season argues for more cushion.
Paying a little more up front is often cheaper than paying an extension fee later, but only if you would otherwise have needed the extra days. Ask your lender to price a 30, 45, and 60-day lock side by side so you can see what each additional week actually costs.
On current rates
Rates change daily, so any figure printed here would be stale quickly. For a neutral benchmark, Freddie Mac publishes its Primary Mortgage Market Survey weekly at freddiemac.com. Check the latest release and note the date, then compare it to your own quote, since your rate depends on credit, loan type, down payment, and property.
When to Lock Your Rate: Timing, Float-Downs, and Market Risk
No one reliably predicts which way rates will move, including economists and lenders. A more useful question than “Will rates drop?” is “Can I absorb a higher payment if they rise?” If the payment at today’s rate fits your budget comfortably, locking removes the risk that it stops fitting. If a quarter-point increase would break your budget, that is a strong signal to lock as soon as you can.
What moves rates
Mortgage rates track the bond market, which reacts to inflation readings, jobs reports, and expectations about Federal Reserve policy. The Fed does not set mortgage rates directly. It sets a short-term policy rate, and mortgage rates respond to what investors expect the economy and inflation to do, which is why they can move even when the Fed holds steady.
Float-down options
A float-down gives you a one-time chance to take a lower rate after you lock, if the market improves. It usually comes with a fee or conditions, such as a minimum rate improvement or a window before closing. Ask three things: what it costs, how much rates must fall to trigger it, and how far from closing you can still use it. Some lenders do not offer it at all.
Lock-and-shop versus house-hunting
If you are still looking at homes, a pre-approval does not lock a rate. You are floating until you have a property. Once you have a signed contract, you can lock. Some buyers also look at lenders who offer a lock before a contract exists, but terms vary and the lock may carry conditions, so confirm the details in writing.
What Happens If Your Lock Expires or Closing Gets Delayed
Delays in Virginia purchases tend to come from a handful of places: appraisal backlogs in busy markets like Northern Virginia and Hampton Roads, title or survey issues, HOA or condo documents that take time to arrive, and seller repairs that push the schedule.
If the lock is about to expire
You generally have three options:
- Pay for an extension. Usually the most predictable path, priced per day or in blocks.
- Relock at the current market rate. This could be better or worse than your original rate.
- Ask whether the lender covers the delay. Some lenders absorb extension costs when the delay was their fault. Policies differ, so verify before assuming.
How to avoid it
Most expirations are preventable:
- Order the appraisal as soon as the file allows.
- Respond to underwriting conditions within 24 hours.
- Avoid new credit applications, large purchases, or job changes before closing.
- Get HOA or condo documents requested early.
Programs and refinances
Timelines differ by loan type. FHA, VA, and USDA loans each have appraisal and documentation requirements that can affect how long a lock should be, so ask your lender how their typical timeline compares to a conventional loan. Refinances have their own considerations too, including payoff timing and, on some loans, a required waiting period before funds are disbursed. Build those into the lock length you request.
Locking Through Duane Buziak: Broker Pricing, 500+ Lenders, and Soft Pull Pre-Approval
A bank loan officer locks you into that bank’s single rate sheet and its own lock policy. Duane Buziak is an independent broker with access to 500+ wholesale lenders, so he can compare lock terms, extension costs, and pricing across the market and choose the lender whose policy fits your closing timeline. A lender with cheap extensions can matter as much as a lower rate when your closing date is uncertain.
Soft pull pre-approval
Duane offers a soft credit pull mortgage option through NoTouch Credit Pull. It works as a no hard inquiry pre-approval, a mortgage pre-approval without hard pull, so you can see likely terms before committing. As a soft pull mortgage broker, he gives you a no credit hit mortgage application at the start. A full credit review is still required before closing, so confirm the exact process with Duane when you begin.
Credentials
Duane Buziak, NMLS #1110647 (Coast2Coast Mortgage LLC NMLS #376205), was named Virginia Broker of the Year in 2024 and 2025 and is a Scotsman Guide Top Originator for 2025 and 2026. He has more than 1,400 five-star reviews.
Programs
Locks apply across every product he offers: FHA, VA, conventional, jumbo, and refinancing. Depending on the lender and your scenario, ask about no-out-of-pocket closing options when you compare quotes.
Rate Lock FAQs
Can I lock my rate before I find a house?
Generally no. Lenders typically need a property address to lock, because pricing depends on the property. A pre-approval tells you what you can borrow but does not lock a rate.
Does locking my rate hurt my credit?
No. Locking itself is not a credit inquiry. The credit check is a separate step, and with a soft pull pre-approval the early stage does not affect your score.
Can my rate change after I lock?
Only if the loan terms change, such as your credit score, loan amount, property type, or occupancy, or if the lock expires before you close.
What is the difference between a rate lock and a rate quote?
A quote is an estimate that can change as the market moves. A lock is a written commitment with an expiration date. Always ask for the lock confirmation in writing.
Locking the Rate Is Only Half the Job: Keep the Loan on Schedule
A rate lock protects your pricing only if your loan stays on schedule and your file stays the same. Choose a lock period with a real buffer, respond quickly to underwriting, and avoid changes to your credit or finances until you close.
Ready to see what Virginia’s top-ranked mortgage broker can do for you? Duane Buziak at Virginia Mortgage Broker by Duane Buziak offers a no-hard-pull pre-approval through NoTouch Credit Pull, so you can explore your options with zero credit impact. With access to 500+ wholesale lenders, you get better rates than any single bank can offer. Get your free mortgage review today.
