See current rates, payments, and closing costs.

A rate lock is an agreement between you and a mortgage lender. The lender agrees to give you an interest rate with certain fees for a specific time. In return, you agree to accept the lender's rate and fees and close the loan before the lock expires.

For example, let's say the lender offers a $400,000 loan at 6% with $1,000 in origination fees for 40 days. By locking, you accept the lender's terms, and the lender agrees to hold the rate at 6% for 40 days.

When you're ready, tell the lender to lock the interest rate. They won't automatically do it for you. The interest rate is floating until you lock it. Floating means the rate can change depending on market conditions. 

Mortgage Rate Lock | How an interest rate lock works

Homebuyers typically lock in their mortgage interest rate when they have found a home they want to purchase and have a sales contract. 

We recommend locking the interest rate soon after you're under contract - when the sellers accept your offer to buy their home. Then, you have all the information the lender needs to complete your application and secure the interest rate, such as the property address, purchase price, loan amount, and closing date. 

The best time to get pre-approved for a mortgage is between 1 and 4 months before buying a home.

Start the pre-approval at least one month in advance. And wait until you're within four months of buying a place. 

1. We check your credit before issuing a pre-approval letter.
2. Your credit score determines how much you can afford and the type of loan, interest rate, and monthly payment.
3. It expires in 4 months.

Your mortgage pre-approval letter is good for 4 months from the date we check your credit report. After 4 months, your credit expires, and so does your pre-approval.

We'll update your pre-approval for another 4 months if you're still looking for a home to buy. Updating the pre-approval is easy. First, we recheck your credit and reverify your financial information. Then, you get a new pre-approval letter, so you can take advantage of every opportunity.

You need 1 strong mortgage pre-approval letter to include with your offer to buy a house.

Make sure the lender's underwriter verifies your financial information and signs it. Otherwise, sellers and agents feel uneasy about an uncertain outcome. As a result, you're less likely to win the deal, especially when competing with other buyers.

You're in the right place for a strong pre-approval letter. We confirm your information upfront so you get a personalized letter signed by our underwriter.