Mortgage Rate Lock: When and How to Lock Your Nevada Home Loan Rate

Most lenders offer free rate locks for 30-45 days. Longer locks (60+ days) often cost 0.125-0.25% added to your interest rate, or a one-time fee of 0.25-0.50% of the loan amount.

For example, a 60-day lock on a $300,000 loan might cost $375-$750 upfront, or bump your rate from 6.5% to 6.625%. Ask your lender for their specific pricing.

Generally, no. A rate lock is a binding agreement – if you lock at 6.5%, you're stuck with 6.5% even if rates drop to 6.0% the next day.

However, if you paid for a float-down option, you CAN re-lock at a lower rate (usually if rates drop by at least 0.25%). Without float-down, your only option would be to switch lenders entirely and start over – which might not save money once you factor in new fees.

The rate lock expires and you have no obligation. Rate locks are specific to a property and transaction – if the deal falls through (inspection issues, seller backs out, you change your mind), the lock simply ends.

You won't owe anything for the lock itself (unless you paid an upfront fee for a long-term lock). However, you may lose money on appraisal fees or other non-refundable costs already paid.

No. You should absolutely shop around and compare rates from at least 3 lenders before locking. Get quotes from different lender types (banks, credit unions, online lenders, brokers) to ensure you're getting the best deal.

However, once you lock with one lender, switching becomes harder (you'd have to restart the entire process). So do your comparison shopping BEFORE you lock, not after.

A rate lock is a lender's guarantee that your rate won't increase, regardless of market conditions. If you lock at 6.5% and rates jump to 7.0% during your lock period, you still get 6.5%.

This protection is huge in rising rate environments. In 2022, rates rose over 3% in a single year – buyers who locked early saved hundreds per month compared to those who waited. A rate lock essentially shifts all interest rate risk to the lender.

Only if something material changes about your application. Your rate lock is conditional on the information you provided being accurate.

Your rate could change if: you change loan type (conventional to FHA), your credit score drops, you change properties, the appraisal comes in low and you need to adjust down payment, or you lied/misrepresented information. But if everything stays the same and you close on time, your locked rate is guaranteed.

No, almost never. Rate locks require a specific property address and purchase agreement. Most lenders won't even let you lock without a signed contract.

Even if a lender allowed it, it would be risky – rate locks only last 30-90 days, and finding a home (especially in competitive Nevada markets like Las Vegas or Reno) can take months. You'd likely waste the lock. Get pre-approved, but wait to lock until you're under contract.