Once I lock the rate with a lender, how long will that stay in effect?

Hi there - Locks come with predetermined timeframes which are typically between 15 days and 9 months. The most common is 30 day. Once you lock, your lender should send out a confirmation disclosure indicating what the expiration date is. Rates can be extended if needed for multiple days, for a slight cost if needed.

Ask your lender how long the rate lock is good for.. Typically, 15 to 30, but each lender is different.. Understand that the longer the rate lock is good for, the more it costs.. so if you lock for 45 to 60 days, you might have to take a higher rate.. but again, talk to your lender. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347.

Hi Trisha. That depends on your lock term. We have locks from 15 days to 120. 30 day is more typical around here. 90 and 120 day locks cosy more.

The most common rate lock period is either 30-days or 60-days, but you can have shorter, like 15-days, or longer, like 75-days. From the day you lock, that is how long you have to close on the loan to guarantee that interest rate. Understand that interest rates also vary by lock period, so you get a slightly better deal for example lock with just a 30-day lock than you would with a 75-day lock. Discuss this with your loan officer for personal examples.