Rate locks are timing decisions with real payment consequences. Understand lock windows, extensions, and cost tradeoffs before committing.
Rate lock strategy should match your contract timeline and risk tolerance.
Shorter lock windows may cost less, but only if your timeline is reliable. Longer locks can reduce uncertainty when close timing is less predictable.
If closing is delayed, extension costs can offset an initially attractive lock. Build timeline buffer where possible.
Some buyers prefer certainty, others can tolerate market movement. Decide based on budget sensitivity and stress tolerance.
Agent, lender, escrow, and appraisal timing should align before lock to minimize avoidable surprises.