# Rate lock

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

By David Knorr, founder of BuyWise Home. Last reviewed October 28, 2026. Web page: https://www.buywisehome.com/guide/glossary/rate-lock

## 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.

## Related

- [Loan Estimate](https://www.buywisehome.com/guide/glossary/loan-estimate): A standard form every lender gives you, so you can compare loans side by side.
- [APR](https://www.buywisehome.com/guide/glossary/apr): The yearly cost of a loan, with some fees included, as one percentage.
- [Discount points](https://www.buywisehome.com/guide/glossary/discount-points): Money paid up front to lower your interest rate. One point is 1% of the loan.

_General 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._