Rate lock

In plain English

A lender's promise to hold your interest rate for a set time, often 30 to 60 days, while your loan is processed.

Why it matters to you

If closing slips past the lock, extending it can cost money. Ask how long the lock is, and what an extension costs, before you choose a lender.

infoGeneral information based on the standard Georgia REALTORS® purchase contract and public guidance. Your own contract decides: read it, and ask your agent or closing attorney about anything that matters. Not legal or financial advice.