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Loan Estimate: Have I locked the interest rate of the mortgage?

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I know you're enjoying this, so I'll make it quick.

Determining if your rate is locked is simple. This box at the top of Page 1 will be checked either yes or no. That tells you whether your rate is locked or not.

Back to the real reason you're here.

A rate lock guarantees that the lender will offer you a specific combination of interest rate, points and lender credit for the mortgage. A lock lasts for a limited time, and then it expires.

The Loan Estimate tells you whether the rate has been locked, and for how long. This information is found near the top of Page 1:

Loan Estimate form, page 1

Page 1 of Loan Estimate form

  • If the "No" box is checked, then you have not locked an interest rate. In mortgage lingo, you are "floating" the rate. While you are floating, interest rates could move upward or downward, responding to market forces. These fluctuations could cause your potential mortgage rate and monthly payments to move up and down, too.
  • If the "Yes" box is checked, then your interest rate is locked. The rate lock's expiration date will be printed here.

To understand more, read Answers to 5 key mortgage rate-lock questions.

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