Let me explain rate locks in plain English, because this stuff can get confusing when you're trying to buy a home in Fort Mill, Waxhaw, or anywhere in our Charlotte metro area. A rate lock is basically a promise from your lender that they'll honor a specific interest rate for a certain period of time, usually 30-60 days, regardless of what happens in the broader market. Here's why this matters: mortgage rates can change daily, sometimes even multiple times in a day. If you're pre-approved at 6.5% and start shopping for homes in Ballantyne or Indian Land, rates could jump to 7% by the time you find a house and get to closing

Without a rate lock, you'd be stuck with the higher rate and a bigger monthly payment. But if you locked at 6.5%, you're protected even if rates skyrocket. The timing of when to lock is crucial. Most lenders won't let you lock until you have a signed purchase contract, so you can't lock while you're just browsing homes in Weddington or Marvin. Once your offer is accepted, you typically have a few days to decide whether to lock. If rates have been trending upward or you're happy with the current rate, lock it immediately

If rates have been dropping and you think they might go lower, you might wait a few days – but this is risky. Here's my practical advice for Charlotte metro buyers: if you get a rate you're comfortable with and can afford the payment on your Fort Mill or Pineville home, lock it. Don't try to time the market perfectly – you could save $50 a month or you could lose $200 a month if rates spike. Most locks are free for 30-45 days, which should be plenty of time to close. If your closing gets delayed, you might need to extend the lock for a fee, but that's usually cheaper than getting stuck with a higher rate.