How long of a rate lock should I take?
Most of our customers lock for 45-60 days which is plenty of time to close your loan as long as all parties do their part. On a purchase transaction, the lock period must at least run through the scheduled date of your closing. We recommend leaving some additional days beyond the estimated date of closing in case there are delays or scheduling changes not lending related.
On a refinance, a 30-day rate lock is sufficient if the appraisal is done immediately and you work quickly to get us the necessary documents. On refinance transactions involving the subordination of an existing second mortgage or home equity line of credit we require a 60-day lock.