Is that mortgage rate locked? Compare the terms behind the number.

Does receiving a mortgage quote mean my rate is locked?

No. Even receiving a Loan Estimate does not automatically mean the rate is locked. The CFPB’s rate-lock guide says to check the lock status and expiration near the top of page 1. A lock holds the rate for an agreed period, subject to its conditions and changes in the application.

Before deciding, ask for the expiration date, extension costs if closing is delayed, and the policy if market rates fall. A different loan amount, down payment, credit profile, or verified income can affect the terms. Get an explanation of what is covered rather than assuming a lock guarantees every part of the transaction.

Compare offers built around the same plan

A lower quoted rate deserves a closer look at what you pay to obtain it. Line up the loan amount, loan type, repayment term, down payment, and lock period. Check when each offer was prepared; market changes between dates can affect the comparison. The CFPB’s Loan Estimate comparison guide also recommends reviewing lender charges, credits, monthly costs, and cash to close.

Make a simple worksheet with a column for each offer. Record the assumptions beside the figures. If one column describes a different transaction, ask for a comparable option before trying to rank them.

What do points and lender credits change?

Discount points generally exchange more money at closing for a lower interest rate. One point equals 1% of the loan amount; it does not mean a one-percentage-point rate reduction. Rate-related lender credits generally work in the other direction: a higher rate helps offset upfront costs. The CFPB’s points-and-credits explanation recommends comparing alternatives over different possible holding periods.

For a hypothetical example, suppose one otherwise comparable option costs $3,000 more upfront and lowers principal and interest by $75 per month. A simple payment-savings comparison reaches $3,000 after 40 months. That arithmetic is only a starting point: it leaves out differences in remaining loan balances, the value of keeping cash available, taxes, and other costs. It is not a quote or a promise of savings. Moving or refinancing sooner changes the decision.

Check the full payment and closing cash

Do not choose an offer because its estimated taxes or insurance look unusually low. Those expenses are not controlled by the lender. Ask why estimates differ. Separately compare the lender-controlled fees and credits so a change in assumptions does not look like a pricing advantage.

Use our guide to down payment, closing costs, and cash to close to organize your upfront budget. Our mortgage calculators can help explore payment scenarios; the actual loan documents provide the terms you must evaluate.

Bring these five questions to the conversation

• Is this rate locked, and what is the exact expiration date?
• What points or credits are included in this offer?
• Can I see a comparable option with a different upfront cost?
• What changes or delays could affect these terms?
• How do the costs compare over the time I realistically expect to keep the loan?

You do not need to predict tomorrow’s rates to ask useful questions today. We’re grateful for the opportunity to help you understand your choices and earn your business. Start a rate inquiry or book a conversation with Andy Hunt Jr. Tell us your goals and timeline so we can prepare for a more useful discussion.