Buyer Education
Why buyers should understand rate locks before signing an agreement
Why This Matters Locally
Mortgage rates can change daily. A rate lock can protect a buyer from rate increases for a set period, but locking too early or too late can both cause issues.
What To Review
- Lock periods available
- Lock and float-down options
- Lock fees
- Settlement timeline
- Lender policies
- Backup plans if delayed
Common Mistake To Avoid
A common mistake is ignoring rate lock timing and being surprised when the rate moves before closing.
Simple Next Step
Ask your lender to explain lock options before you go under contract.
Looking for more Pennsylvania buyer preparation? Browse the full Buyer and Seller Education Library.
Frequently Asked Questions
When should I lock?
It depends on closing timing, rates, and risk tolerance.
What if rates drop after I lock?
Some lenders offer a float-down option.
Are lock fees common?
Sometimes. Short locks are often included.
Buying soon? Understand rate lock timing so financing costs match your plan.
More Buyer Education
- Why buyers in King of Prussia should get pre-approved before touring homesLearn why King of Prussia buyers should get pre-approved before touring homes.
- Why buyers in Wayne PA should understand total monthly payment before making an offerLearn why Wayne PA buyers should understand total monthly payment before making an offer.
- Why buyers should understand appraisal gaps before competingLearn why buyers should understand appraisal gaps before competing for a home.
- Why buyers should review closing costs earlyLearn why buyers should review closing costs early before buying a home in Pennsylvania.
- Why buyers should use local MLS data instead of only national real estate websitesLearn why buyers should use local MLS data instead of relying only on national real estate websites.
- Why buyers should understand earnest money deposits before making an offerLearn why buyers should understand earnest money deposits before making an offer in Pennsylvania.