Lenders have different lock periods. We offer 25, 40 and 55-day locks. The lock period must take you through the closing date. You can find the closing date on your sales contract.
Suppose you want to secure today’s rate and your closing date is in 33-days. You should lock-in for 40-days. If you think there’s a chance your closing might be delayed, take the longer rate lock period. Longer lock periods might cost more. The interest rate or fees for a 55-day lock could be higher than a 25-day lock. Ask the loan officer for the cost difference between the lender’s lock periods.
Extended lock periods are longer than 55-days. Extending your rate lock is hardly ever worth the cost. You’re better off waiting until you’re within 55-days from closing to lock-in.