A fixed-rate mortgage keeps principal and interest steady for the life of the loan. Locking transfers market risk from you to the lender for the lock period, useful when you have a closing date in sight.

Questions to ask

  • How long is the lock, and what happens if closing slips?
  • Are float-down options available if rates improve materially?
  • How does the lock relate to the Loan Estimate you received?

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