What is a rate lock?
Short Answer
A rate lock holds a quoted rate for a set period while the loan is in process. The length is a loan term on your file, not a website promise. Confirm at consult. Apply at jonathanloescher.com/apply.
What is a rate lock?
A rate lock holds a quoted rate for a set number of days while that loan is in process. The length is a term on your file. It is not a number I can publish on this site and keep honest.
I originate through PMF, Inc. The lock, if one is issued, comes from the lender side of that file. My Realtor license does not lock a rate. A blog rate is not your lock.
What this looks like in Pinellas
A 30-day contract on a Largo ranch and a condo questionnaire that takes three weeks are different clocks. Flood quotes and wind mitigation can eat lock days. If the house cannot bind insurance, the lock does not save the file.
Step-by-step
- Apply at /apply.
- Get a written contract or a refinance target before you treat a lock as urgent.
- Ask how many days the lock runs and what happens if underwriting runs long.
- Do not shop five lenders in two days without asking about inquiries.
- Close inside the window, or ask about an extension before it dies.
Lock versus quote versus letter
| Phrase | What it usually is |
|---|---|
| Online rate | Marketing, not your file |
| Quote | Still not a lock |
| Lock | Timed hold on a quoted rate |
| Pre-approval letter | Credit and income path, not a lock |
What you control versus what you do not
You control how fast you return conditions. You do not control market moves after a lock expires. You do not control a condo questionnaire.
Common mistakes
Asking for a lock with no contract. Treating last week's website rate as locked. Letting insurance wait until week four.
Next step
Apply. Consumer education, not a rate sheet or a commitment to lend. Equal Housing Opportunity applies.
Jonathan Loescher, SL3546365 and NMLS 2621894. Realty of America. PMF, Inc. 29399 US Highway 19 Suite 150, Clearwater, FL 33761. (727) 729-2961.