Three Things to Check Before You Lock Your Strike Rate

Locking a mortgage rate is one of the most important decisions in the process — and with rates bouncing in a tight range, timing matters. But too many buyers treat a lock like flipping a switch. In reality, there are three things to check before you pull the trigger:

1. Is Your File Fully Ready?A rate lock typically runs 30 days. If disclosures aren’t signed or documents are missing, the clock starts ticking without progress. That can lead to costly extensions or, worse, missing the lock entirely. Before locking, confirm your file is complete.

2. Do You Know Your Payment Comfort Zone?It’s easy to focus only on the rate. But what matters most is your monthly payment and how it fits into your budget. A strike rate works best when it’s tied to your comfort number, not just a headline percentage. Buyers who think through payment first rarely regret their timing.

3. Are You Prepared for “What If”?Even after locking, rates can move. Some lenders offer float-down options if markets improve. Others allow lender-paid buydowns to adjust payment comfort. Ask upfront: What happens if rates fall during my lock period? The answer should shape your decision.

Locking isn’t about perfect timing — it’s about preparation. Clients who walk through these checks before committing are the ones who end up confident, not second-guessing.