What is it?A rate lock is the agreed upon time period that a mortgage lender will honor an agreed upon rate. This is important because it allows you to take the necessary time to close your loan without being subject to market fluctuations. What does it mean for me?

It's important to keep complete all the necessary steps to close your loan in the agreed upon time period, otherwise your loan officer does not have to honor your existing rate. If they decide to preform a rate lock extension, it will come at a cost. Most likely, that cost will be paid by you.