When you apply for a mortgage loan you usually have the option of locking-in the rate at the time the loan is approved or accepting the rate in effect at the time of the closing.

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When you apply for a mortgage loan, you are usually given the option to lock in the interest rate at the time of loan approval or to accept the interest rate that is in effect at the time of closing. This allows you to protect yourself against rising interest rates during the loan application process but also means you could miss out on lower rates if they occur between approval and closing.

When You Apply for a Mortgage Loan You Usually Have