Florida Buyer Tip: How to Lock Your Mortgage Rate at the Right Time

Mortgage interest rates change daily—sometimes hourly.

So how do you know when to lock your rate when buying a Florida home?

Let’s walk through it.

What Is a Mortgage Rate Lock?

A rate lock guarantees your interest rate for a set period—typically 30, 45, or 60 days.

It protects you from market increases while your loan is processed.

When Can You Lock In?

Most lenders let you lock:

• Once your loan application is submitted
• After your offer is accepted

Some allow “float-down” options if rates drop during your lock period (ask your lender).

How Long Should You Lock For?

Typical timelines:

• 30 days: Cheaper but riskier if closing delays
• 45 days: Safer, more common
• 60+ days: More expensive, used in longer closings or new builds

Match the lock term to your contract closing date.

Should You Lock Now or Wait?

Ask yourself:

• Are rates expected to rise?
• How close are you to closing?
• Can you afford the risk of rates jumping 0.5%?

Often, locking early gives peace of mind in a rising-rate market.

What If Rates Drop After I Lock?

• Some lenders offer a one-time float-down if rates fall significantly
• Others may allow you to relock at a fee
• Always ask before you lock

Florida Rate Lock Tips

• Review the lock policy with your lender upfront
• Don’t delay if you’re close to closing
• Consider locking if rates drop during inspection or appraisal phase

Final Thought

Rate locks aren’t about guessing the market—they’re about protecting your budget.

📞 Call Michael Renick at 941.400.8735 for smart Florida rate lock timing advice that fits your loan and closing date.

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