A rate lock freezes your VA loan rate while your loan is processed. Lock too early and the lock can expire; lock too late and you carry market risk to the closing table. Here is how to time it.
What a rate lock actually is
A rate lock is the lender's commitment to give you a specific rate and pricing for a set period, usually 30, 45, or 60 days. Until you lock, your rate floats with the market: the rate you were quoted last week is not the rate you get unless it is locked.
The lock is tied to your loan, your property, and your closing timeline. It is not a general reservation of a rate; it is a commitment on a specific file with an expiration date.
When to lock on a purchase
Most buyers lock once they are under contract, because the contract sets the closing date and the lock period can be matched to it. Locking before you have a property is sometimes possible but risky, because a lock with no closing date is a guess.
Match the lock period to the realistic closing date with a cushion. If your contract closes in 35 days, a 45-day lock costs slightly more than a 30-day lock but protects you from the most common delays. Lock extensions cost money; a slightly longer initial lock is usually cheaper than an extension.
Float-down options
Some locks include a float-down: if rates drop meaningfully after you lock, you can move to the lower rate once, usually for a fee or a slightly higher starting rate. It is insurance against locking right before a rate drop.
Without a float-down, a locked rate is locked in both directions. You are protected if rates rise, and you keep the locked rate if rates fall. That symmetry is the price of certainty.
What happens if the lock expires
If closing is delayed past the lock expiration, the lock must be extended or the rate re-locks at current market pricing. Extensions typically cost a fraction of a point per week, and if rates have risen, an expired lock can mean a worse rate than you planned.
The defense is realistic timelines. Delays most often come from appraisal turn times, repair negotiations, and document gaps. A file that is fully documented at application is the best protection against a lock problem at the end.
The bottom line
Lock when you are under contract, match the lock period to your closing date with room to spare, and ask about a float-down if you are locking in a falling-rate market. The goal is not to time the market perfectly; it is to take rate risk off the table so the only thing left to do is close.
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Jonathan Mullins
Mortgage Loan Officer · Army Veteran
Jonathan Mullins is an Army Veteran and Mortgage Loan Officer at Military Mortgage, specializing in VA home loans for Veterans, active-duty service members, and military families. He writes this learning center to make VA loan rules, entitlement, and the home-buying process easier to understand.
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