Dear Dr. Don,
When refinancing a home mortgage, the buyer signs a rate lock with the broker or company. How long is this rate lock good? Can the broker or company raise that rate if the market changes?
-- Chris Certainty

Dear Chris,
There isn't a standard term for a rate lock, although most rate locks are for 30 days to 60 days. When you sign a rate-lock agreement in force, the broker or lender shouldn't have any flexibility in raising the rate if the market changes. The Bankrate feature, "Rate-lock anxiety rises with mortgage rates," provides more detail about why you need this agreement in writing.

Keep your finger on the pulse of the mortgage market by reading the "Mortgage Rate Trend Index." I have it delivered as an e-mail every Thursday. You can, too.

When searching for mortgage rates on Bankrate, the rate quoted lists the standard length of the rate lock for that lender. You can negotiate for a longer rate lock, but be prepared to pay for that privilege.

You're right to worry about lenders dragging their feet if interest rates go higher, hoping that the rate lock will expire before you can close on your mortgage. A loan commitment letter from the lender early in the process helps ease that fear.

To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."