By locking an interest rates, and points, you protect yourself from rising interest rates and points from the time locked by wholesale lender until lock funding expiration. Most loans in a normal market can be funded and closed in about 30 days from receipt of complete loan application.

Lock Rate defined
A lock is an agreement between the borrower and the lender , specifying a number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise, the lender is obligated to honor the rate that they agreed upon when the loan was locked. Should interest rates decrease, you are obligated to honor the lock.

Lock Rate Options

•  Let the interest and points "float" unlocked until loan is approved and before loan documents are drawn near close of escrow.

•  Lock the rates and points during the application process at current.