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Know When to Lock and When to Float

• Always ask how long a lender will guarantee the quoted interest rate.

• Typically, lenders guarantee a rate for rate-lock periods of 30-120 days.

• Usually, you can float the rate and lock in anytime up to five days before closing.

• Ask about available rate lock and float options, and the cost of these options.

• Will these options accommodate your home buying needs? The decision is yours.

The Process