01
Start with a realistic completion window
Builder estimates can move because of permits, labor, materials, inspections, utilities, weather, or final approvals. Add schedule risk before selecting the lock period.
02
Read the lock agreement
Confirm the rate, points or credits, expiration, extension cost, property and borrower conditions, transferability, and what happens if closing is delayed.
03
Understand float-down language
A float-down is not unlimited access to future market pricing. It may require a defined improvement, fee, time window, or specific renegotiation terms.
04
Maintain qualification during the build
A lock does not preserve income, employment, assets, credit, appraisal, taxes, insurance, or property eligibility. The file must remain financeable through closing.
Frequently asked questions
Questions that add to the answer
Is a longer rate lock free?
Typically, longer protection can affect pricing or require a deposit, but offerings vary.
What if the builder causes the delay?
The lock agreement and builder contract determine who bears which cost; do not assume the lender will extend without charge.
Can I change lenders after locking?
It may be possible, but deposits, incentives, credit, appraisal, timing, and contract requirements can make the change costly.
Authoritative sources
Sources reviewed September 9, 2026
Program rules and public guidance can change. The current source and the review of the actual borrower, property, and transaction control.
Related resources