What is rate lock and rate protection?


Rate lock or rate protection are convenient mortgage features that allow you to have a guaranteed maximum interest rate for a fee that is credited back to you at closing.

Rate Protection Features

Rate protection goes with rate protection period - within the rate lock term (commonly 30, 45, 60, 90, or 120 days) a borrower will get the lower rate at the time of closing provided rates drop; or, if rates go up, the borrower has secured a rate that cannot be exceeded.

Your closing date cannot extend over the paid and locked-in period for the rate protection to hold. Rate locks go with a rate lock fee - it will be credited back to you if you close the loan as promised.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: