Lenders aren't obligated to lower your rate once it's locked in. However, many lenders offer a float-down option to meet you halfway if rates drop during the mortgage process.

Yes, you can change lenders after locking a rate. But you'll have to start the application process over with your new lender. That means getting pre-approved, submitting all your documents, and waiting for underwriting twice. All in all, closing a mortgage or refinance usually takes a month or more.

Locking in the rate does not mean the borrower is wedded to that lender. The borrower is actually free to go elsewhere for a loan if the rates go down by the time the transaction is ready to close. Most borrowers don't realize this little-known fact.

Related Content. An agreement that the parties will lock themselves into negotiations to negotiate in good faith, sometimes subject to a time limit.

Most lenders won't lock your rate for less than 30 days unless you're ready to close, and often offer the same rate for a 15- and 45-day period. Ask about the rates for several lock periods: 30, 45 or 60 days.

First, lock with one lender and float with another. Second, speak with several lenders and lock rate offers that have a float down feature. This generally means that if the rate falls at least .

It needs to be signed ( physically or electronically) in order to state yes the rate is locked on the LE. this could take explanation when the LE says no but the customer verbally agreed.