Short answer
How locks protect you from rate movement during processing.
A lock guarantees your rate for a set period (commonly 30/45/60 days) while your loan is processed.
What locking does
A lock guarantees your rate for a set period (commonly 30/45/60 days) while your loan is processed.
Extensions and float-downs
Locks can usually be extended for a fee. Some lenders offer float-down options if rates drop meaningfully after locking.
Key takeaways
- Locks are a hedge, not a bet.
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Sources
Program rules change and individual lender overlays apply. Verify specifics with the agency or with a licensed NexGen Capital advisor before relying on them.
Reviewed by NexGen Capital Corp
Written and reviewed by the licensed mortgage team at NexGen Capital Corp, a Florida mortgage brokerage (NMLS #1766649). Verify our license on NMLS Consumer Access.
Last reviewed: 2026
This article is educational and is not a commitment to lend or an offer of credit. Speak with a licensed NexGen advisor about your own situation.