Check the rate-lock expiration date and time on the Loan Estimate, then ask for the extension policy and price in writing before the lock expires. Do not assume an extension is free or automatic. Compare the extension cost with the lender’s available relock terms, identify who is responsible for the delay, and confirm whether a loan change can alter the locked terms.
Recent first-time buyer discussions ask whether to lock now and what happens when closing slips. The concrete failure point is discovering the extension price after the deadline.
Start here: a practical action plan
- Open the cited primary guidance and the latest Loan Estimate, Closing Disclosure, policy, or escrow statement.
- Replace the hypothetical loan amount, dates, rates, credits, and bills with the transaction’s actual figures.
- Ask the lender or servicer for a written line-by-line explanation of any difference, condition, or deadline.
- Preserve the disclosure, quote, confirmation, transfer receipt, and final settlement or account result.
- Treating a verbal estimate, forum answer, or advertised rate as the final transaction term.
- Comparing one payment or fee while ignoring cash at closing, time in the loan, taxes, insurance, and reserves.
- Moving money or changing the transaction before the lender confirms the documentation and underwriting effect.
Record the exact lock terms and deadline
Review the Loan Estimate for whether the rate is locked, the expiration date, and the time zone. A lock generally protects the disclosed rate for a defined period, but CFPB guidance notes that changing application information can still affect the terms.
Request the lender’s lock agreement, extension schedule, and relock policy. Ask whether calendar days or business days count, whether partial extensions are available, and when the decision must be submitted. Verbal assurances are hard to reconcile at closing.
Ask who pays before the lock expires
Document the cause of delay. Lender, appraisal, title, seller, borrower, construction, and disaster delays can be treated differently under a contract or lender policy. Responsibility does not determine the price unless the written policy or an agreement says so.
Ask for a current Loan Estimate or written comparison showing the extension, any relock, the rate, points, lender credits, payment, cash to close, and closing deadline. A lower-looking rate can still carry added points.
Worked example: a 0.125 percent extension
Example: a lender quotes a 15-day extension at 0.125 percent of a $360,000 loan. The extension cost is $450, calculated as $360,000 × 0.00125. Spread across 15 days, that is $30 per added day.
The $30 daily figure helps compare date options but does not make the charge linear if the lender prices extensions in blocks. A five-day delay may still require buying a 15-day block. Use the actual written quote rather than extrapolating.
| Illustrative extension | Calculation | Cost |
|---|---|---|
| Loan amount | $360,000 | $360,000 |
| Extension price | 0.125% | 0.00125 |
| Extension fee | $360,000 × 0.00125 | $450 |
| Cost across 15 days | $450 ÷ 15 | $30 per day |
Compare choices using written loan terms
If market rates fell, ask how the lender handles float-downs or relocks. If rates rose, compare the extension with the cost of losing the lock. Neither option should be assumed until the lender supplies terms that match the same loan.
Confirm the final rate, points, credits, and lock status on the Closing Disclosure. CFPB guidance lists certain significant changes that can require a new waiting period, so ask how any change affects the scheduled closing.
- Save the lock agreement and expiration time.
- Request extension and relock terms in writing.
- Document the reason for delay.
- Verify final rate, points, credits, and timing.
Frequently asked questions
Where can I find the lock expiration?
Check the top of the Loan Estimate and the separate rate-lock agreement for the date, time, and conditions.
Is a rate-lock extension free?
Not always. Ask for the lender’s written policy and exact price before expiration.
Who pays when the lender caused the delay?
The answer depends on the lender policy and agreements, so document the delay and request a written decision.
Can my locked rate still change?
Certain application or loan changes can affect terms even during a lock. Ask the lender to explain any change in writing.
Should I let the lock expire if rates fell?
Compare written extension, float-down, and relock terms for the same loan before deciding.
Can a rate change delay closing?
Some significant changes can affect disclosure timing, so confirm the scheduled date with the lender and settlement agent.
Sources and review notes
The calculations and scenarios in this guide are original BreadWinnr worked examples. We recalculated each example and checked that its parts match the stated total. Official sources support the financial concepts. Forum links document the reader problem that prompted the guide and are not treated as financial authority.
- CFPB, mortgage rate locks
- CFPB, choosing a loan offer and extending a rate lock
- CFPB, changes between Loan Estimate and Closing Disclosure
- Reddit: deciding when to lock a mortgage rate
Read our research, testing, corrections, and source policy.
This guide provides general financial education. It does not account for your complete financial, tax, legal, or contractual situation.
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