I don't want to lock my rate yet
Rate lock timing strategies for mortgage shopping when lenders pressure you to lock rates immediately.
What You'll Learn in This Chapter
- Why lenders create urgency about locking rates before you have compared competitive offers
- How to evaluate rate lock timing without falling for pressure tactics
- Scripts to maintain control of lock timing while shopping for the best deal
You tell a lender you're not ready to lock your rate yet because rates might fall. The lender responds: "What if rates go up instead? By not locking, you're taking a gamble that rates will fall. Are you comfortable with that risk?"
But, here's what's really happening...
Rate Lock Urgency is a tactic where lenders pressure you to lock your rate before you've compared competitive offers. The loan officer's process is to frame not locking as risky gambling, making you feel like you'll lose if rates increase—while conveniently omitting that locking with them before shopping means you'll never know if their rate was competitive.
As a shopper, your counter-process is to recognize that locking is a commitment that should come AFTER competitive shopping, not before. Rate locks typically last 30-60 days, giving you time to shop. When lenders pressure you to lock immediately, they're trying to prevent you from collecting competitive offers. The risk of rates going up is real—but the certainty of overpaying by locking before shopping is worse.
Now that you understand the tactic, let's look at how most people fall into the trap.
➡ How People Get Trapped
Most people respond with:
You're right, I don't want to risk rates going up. Let me lock with you now.
Don't do that.
When you lock a rate before comparing competitive offers, you've guaranteed you'll never know if you overpaid. The lender's warning about rising rates is legitimate—rates do go up—but that risk exists whether you lock today or next week after collecting competitive offers. Rate locks typically last 30-60 days, giving you plenty of time to shop. By locking immediately, you're trading the possibility of a rate increase for the certainty of not knowing if you got the best deal.
Lock rates after comparing offers, not before.
➡ What You Should Say Instead
I understand your concern about rate lock timing, and I'm considering that as part of my decision. I'd like to get written Loan Estimates from a few lenders to compare current rates, then I can make an informed decision about locking. Can you provide me with a written Loan Estimate?
Here's why this is the right approach:
- Acknowledges lock timing risk without making premature commitments
- Separates competitive shopping from lock decisions
- Recognizes that rate locks last long enough to complete shopping
- Forces the lender to compete before discussing urgency
The script treats lock urgency as a legitimate concern that should be addressed AFTER you've collected competitive written offers, not before.
➡ See The Mortgage Script in Action
➡ Key Takeaway
Rate locks last 30-60 days—plenty of time to shop for competitive offers. Lock after comparing written Loan Estimates, not before. The risk of rates going up is real, but the certainty of overpaying by locking before shopping is worse.
Related Mortgage Resources
Mortgage Calculator
Calculate how different rate scenarios affect your monthly payment and total cost.
Add An Extra Lender
Get Loan Estimates from lenders with flexible rate lock policies.
Home Affordability Calculator
See how rate changes affect how much house you can afford.
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