The rate lock period listed on the “Important Dates” section of your GFE tells you how long you have, after you lock your interest rate, to go to settlement. If you do not go to settlement on your loan by that time, your interest rate may change or you may be charged a fee to extend the lock period.

Just because this section is on the GFE does not mean that your interest rate is locked. However, if item number four reads “You must lock the interest rate at least ‘N/A’ days before settlement,” then your rate is locked.

To lock your interest rate, you must also sign a rate lock agreement. Sometimes the lender may voluntarily offer to lock the interest rate for you. But to guarantee that your interest rate is locked you must sign a rate lock agreement. By obtaining a rate lock agreement, either at the time of application or while your lender is processing your loan, you keep your interest rate and points from changing until the rate lock period expires.