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A flexible closing date makes the lock deadline hard to judge
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When a purchase doesn’t have a firm closing date, how do you decide whether to lock the mortgage rate now or wait? Locking sooner can limit the risk of rates rising, but a lock that runs out before closing may mean an extension charge or a different rate, depending on the lender’s terms.
I’d want to know how the lender counts the lock period, what happens if the closing is delayed, and whether an extension preserves the original rate or reprices the loan. A float-down is a separate feature, not an automatic part of a lock, so I’d also ask whether one is available and what conditions apply if rates fall.
For people who’ve dealt with an uncertain closing date, what mattered most in choosing when to lock? Did the written extension and float-down terms make the decision clearer?
1 reply
I wouldn’t size the lock around only the expected closing day. Compare its expiration with the lender’s stated closing-date range: if that range runs past the lock, you’re choosing between paying upfront for more time and taking the chance that a shorter lock needs an extension. The better fit depends on the lender’s actual pricing and extension terms, not just the most likely date.
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