A straight answer
When should I lock my mortgage rate, and what happens if my lock expires?
The direct answer
If you are under contract, do not assume the rate you were quoted is locked. A lock is set with the lender for a stated period, and it holds if you close inside that period and nothing in the application changes. I'm Zach von der Linden (NMLS 1652805), a mortgage broker with West Capital Lending, based in San Clemente.
I arrange the loan with a lender, and the lender's lock and pricing rules control. I look at your closing date, how firm it is, and the lender's lock and extension policy, so the lock has room to get you to closing. Text or call me with your closing date. I work with buyers in California, Utah, Oregon and Arizona.
Zach von der Linden, mortgage broker and Branch Manager, West Capital Lending · NMLS 1652805
Wholesale pricing · California, Utah, Oregon and Arizona
5.0 across 66 reviews on Experience.com (read on 2026-09-24) · Text reaches Zach directly · Last updated 2026-10-18
Under contract and not sure whether you are locked? Text me your closing date.
No credit pull happens from a text or a call. Texts and calls go to Zach's cell.
What happens after you text me?
Texts go straight to my cell, and I answer them myself when I'm free. I'll ask for the few details that actually matter, tell you whether the structure looks worth pursuing, and explain the next step. If I don't think the loan fits, I'll tell you that too.
A text or phone conversation does not pull your credit.
How do I know if my mortgage rate is actually locked?
Check the top of page 1 of your Loan Estimate. The CFPB points there: it shows whether the rate is locked and, if it is, until when. A loan officer quoting you a rate is not the same as the lender confirming a lock, so if that line says the rate is not locked, you are floating.
| Situation | What it means |
|---|---|
| Quoted | Not necessarily locked. The rate can change until the lender confirms a lock. |
| Locked | Held through the stated lock period, as long as the loan stays as applied for. |
| Closing delayed past the lock | An extension or new pricing may be needed. Ask the lender what happens before you lock. |
| Loan changes after the lock | The locked terms can change, because the lock covers the application as submitted. |
When should I lock my rate before closing?
There is no one lock date that fits every purchase. I start with an accepted contract and a realistic closing date, then look at how certain that date is and which lock periods the lender offers, so the lock covers the whole path to closing. Lock periods come in different lengths, and the CFPB notes that a longer lock can cost more, so I would rather pick the right length once than pay to extend later.
Before the lock is chosen, I ask the lender what an extension costs and what happens if closing is delayed. The Loan Estimate shows the lock status and date, but not what the lock period or an extension costs, so those are questions for the lender, not the form.
Still shopping and not under contract yet? Get pre-approved first. It starts online and uses a soft credit check, with no hard pull for the first look.
What happens if my rate lock expires before I close?
It depends on the lender and on why closing moved. The CFPB says an extension can be expensive if closing slips, and if the lock expires the lender may price the loan again. I would rather know the extension rules before the lock is selected than find them out after it runs out.
Slipped closings are common when two closings have to line up, so if you are buying your next home before you sell this one, I plan the lock around both dates, not just the purchase.
Already in escrow and rates went up? See what to do if rates went up during escrow.
Who pays for a lock extension if closing is delayed?
There is no universal answer. The lender's extension policy sets what an extension costs, and who ends up bearing that cost can depend on the contract and on why closing moved. As a broker I handle the mortgage side: I find out the extension options and what each one costs before you decide how to proceed, and I say plainly when the cheaper path is a cleaner closing date.
Can my rate change after I lock it?
It can, if the application changes. The CFPB lists the usual reasons: a different loan type or down payment, an appraisal that comes in higher or lower than expected, a credit score that moves because of new debt or a missed payment, or income that cannot be documented. The lock covers the loan as applied for, so a change to the loan can change the terms.
Thinking about new borrowing during escrow, such as an Affirm or other buy now, pay later plan? Talk to me before you sign up, because a new debt can change the review the lock depends on.
That is why the structure comes first. If you are still negotiating a seller credit versus a price cut, settle it before the lock, because a credit or a new price can change the loan amount and the costs the lock was priced on.
Should I wait for rates to come down before I lock?
I would not make an under-contract purchase depend on predicting the next market move. I look at whether the current structure works for you, how much closing-date uncertainty is left, and what happens if the market moves either way before you close.
Some lenders offer a float-down option that lets a locked loan take a lower rate under set conditions. Policies vary by lender, and I never promise that one is available or what its terms are; it is a question I ask before locking rather than after.
Weighing an adjustable-rate loan instead of a fixed one? That is a separate decision: should I take an ARM instead of fixed?
What's different about working with a broker
When you lock with a bank, you're tied to that bank. As a broker, I lock your loan with a wholesale lender I work with. If the market improves before closing, I can look at whether moving your loan to a different lender makes sense. Whether that makes sense depends on timing, costs, and the new lender's approval, so I'll walk you through the tradeoffs before we change anything.
Questions people ask next
Is a mortgage quote the same as a rate lock?
No. A quote is what a lender would offer today; a lock is the lender holding that rate for a stated period. Until the lender confirms the lock, the quote can change.
Does my Loan Estimate show whether my rate is locked?
Yes. The top of page 1 shows whether the rate is locked and, if so, until when. It does not show what the lock period or an extension costs, so ask the lender for those.
Can I extend a mortgage rate lock?
Often, but it depends on the lender's policy, and an extension can cost money. I ask about extensions before the lock is chosen so there are no surprises if closing moves.
What happens if the seller delays closing and my rate lock expires?
The lender's policy decides: an extension may be available, or the loan may be priced again. Who bears any cost can depend on the contract and the reason for the delay, so tell me as soon as a date moves.
If rates fall after I lock, do I automatically get the lower rate?
Not automatically. It depends on the lender's lock and any float-down policy, which varies by lender. Ask that question before locking rather than assume a later market move changes the locked terms.
Can changing my down payment affect a locked loan?
Yes. The lock covers the loan as applied for. A different down payment, loan type, appraisal result or credit picture can change the terms even after a lock.
What clients say
Zach was so easy to work with. He made a stressful situation into a very positive experience for us and did push us one way or another. He listened to what we hoped we could accomplish and made it happen.
Word for word from Experience.com. Read all reviews.
Sources and checked dates
Sources: CFPB, What's a lock-in or a rate lock? (checked 2026-10-09) · CFPB, Loan Estimate explainer (checked 2026-10-09).
Show each claim on this page, what it depends on, and the date it was checked (2)
| What we say, and what it depends on | Source | Checked |
|---|---|---|
| CFPB: a rate lock means the rate will not change between the offer and closing, as long as you close within the lock period and nothing in your application changes. Lock periods come in different lengths and longer locks can cost more; extending a lock can be expensive if closing slips; if the lock expires, the lender may re-price the loan, so ask what happens if closing is delayed. A locked rate can still change if the application changes: the loan type or down payment, an appraisal higher or lower than expected, a credit score change (new debt, a missed payment) or income that cannot be documented. | CFPB, What's a lock-in or a rate lock? | 2026-10-09 |
| CFPB: the top of page 1 of the Loan Estimate shows whether the interest rate is locked and, if so, until when. It does not show what an extension costs or what the lock period itself costs. | CFPB, Loan Estimate explainer | 2026-10-09 |
Written for and accountable to: Zach von der Linden, Mortgage broker and Branch Manager, West Capital Lending.
Last updated 2026-10-18.
Verify him: NMLS Consumer Access, ID 1652805 · 66 reviews on Experience.com.
Sources for product claims are listed on this page, with the date each was checked.