Locking in your loan, or specifying a particular interest rate for your mortgage, can be a tricky process. Worse, most lenders have different lock-in procedures and policies. When you apply for a mortgage, you're simply applying for a loan, you're not locking anything. Unless your lender requires you to lock upon application, which is rare, applying and locking are two different things altogether. But when you are ready to lock, here are a few things to consider.
Locks typically cover a specific time period, most usually thirty days.
When you call a lender for a rate quote, ask how long that rate is good for. If you need more than thirty days, tell your lender how many days you think you'll need, then they'll provide you with a new quote. Longer term locks are also available, some lenders will lock for up to a year or more, but that can get expensive. In general, most loans close within 30 days, and most locks are for that period as well. Also check around, because there are no universal locking procedures.