What is a mortgage rate lock?

  • A rate lock protect you from financial market fluctuations that could affect your mortgage interest rate range.
  • You are free to choose to lock or not lock your interest rate range. On the moment you lock, your mortgage rate remains available to you for a set period of time.
    • If there are no subsequent changes to your loan and your interest rate range is locked, the interest rate range on your application generally remains the same.
    • If there are changes to your loan, your final interest rate at closing may be different. Check out our current mortgage quotes.