Pre-approved? Your rate isn’t locked yet.
Fairview Lending will review your pre-approval for free and tell you when to lock, how long your lock should be, and whether your current offer is competitive. If your lender’s offer is the better one, we’ll tell you that too.
- Free, no obligation — no credit check to start
- Mortgage broker: we compare multiple lenders for you
- 20 years local · 180+ five-star Google reviews
- Licensed throughout Florida · NMLS #230610 · Se habla español
Get your free rate & lock check
About two minutes. A loan officer will reach out within 24 hours.
Already have a Loan Estimate? Upload it for a free second opinion.
Worried a second opinion will hurt your credit?
Comparing lenders is normal, and it’s smart. Credit scoring models generally treat several mortgage inquiries made within a short shopping window as a single inquiry, so checking another offer while you shop typically has little effect on your score. And reviewing a pre-approval or Loan Estimate you already have involves no credit pull at all.
What can change your rate between pre-approval and closing
| What changes | Why it matters |
|---|---|
| The market, before you lock | Mortgage rates move daily. Until your rate is locked, your quote can go up or down. |
| Your credit score | New accounts, higher card balances or a late payment can lower your score and change your pricing. |
| The appraisal or loan amount | If the home appraises low or you change your down payment, your loan-to-value changes, and so can your rate. |
| The loan program | Moving between FHA, VA, conventional or a non-traditional program changes the pricing. |
| The property | Condos, second homes, investment properties and manufactured homes are priced differently than a primary single-family home. |
| A lock that expires | If closing is delayed past your lock date, extending or re-locking can cost money or change your rate. |
When should you lock your rate?
Most buyers lock once they have an accepted contract and a closing date, choosing a lock period long enough to reach closing with room to spare. Locking earlier protects you if rates rise; waiting can help if rates fall, but it is a gamble. Some lenders offer a one-time float-down if rates drop after you lock. Ask before you lock, not after. A Fairview loan officer will walk you through the timing for your contract.
Questions buyers ask about pre-approvals and rate locks
Does a pre-approval lock in my interest rate?
No. A pre-approval confirms how much you can likely borrow. Your rate is only guaranteed once your lender issues a rate lock, which typically happens after you are under contract.
Can I switch lenders after I’m pre-approved?
Yes. A pre-approval doesn’t commit you to that lender. You can change lenders up until closing, as long as there’s enough time for the new lender to underwrite the loan and order an appraisal before your closing date.
How long does a rate lock last?
Lock periods are commonly 30 to 60 days, and longer locks are available, sometimes at a cost. New construction often needs a longer lock or a different strategy. We’ll match the lock to your closing date.
What if rates drop after I lock?
A standard lock holds your rate whether the market rises or falls. Some programs include a float-down option. Ask about it before you lock.
Is the rate & lock check really free?
Yes. There’s no cost, no application and no obligation, and reviewing your current offer doesn’t require a credit check.
Know your rate is protected before you close
A local Fairview Lending loan officer will reach out within 24 hours.
Fairview Lending Inc · NMLS #230610 · 1425 Del Prado Blvd S, Cape Coral, FL 33990 · Equal Housing Opportunity. This page is for educational purposes and is not a loan application, approval, rate lock or commitment to lend. Rates, terms and programs are subject to change and borrower qualification.