A mortgage rate lock period is the number of days your broker guarantees your interest rate and points while your loan moves to closing, usually 30, 45, or 60 days. The lock protects you from market swings, but it does not approve your loan and it does not cover delays that run past its expiration date.
Duane Buziak explains how lock periods work for Short Pump and Henrico buyers: what a lock guarantees, how to match the length to your contract, when to lock, and what happens if closing runs late. The starting point is a pre-approval built on a NoTouch Credit Pull, so you can see rate scenarios before any hard inquiry touches your credit.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
What a Rate Lock Actually Guarantees (and What It Doesn’t)
A rate lock is a written commitment on three things: your interest rate, your points or credits, and the date the lock expires. It attaches to a specific loan program, loan amount, and property. If any of those change, the lock may no longer apply as written.
Float versus lock
If you float, your rate moves with the market, which can shift daily as the bond market reacts to inflation data and Federal Reserve communications. Locking removes that risk. It also removes the upside: if rates fall after you lock, you keep your locked rate unless your lock includes a float-down option, which some wholesale lenders offer for a fee and under conditions that vary.
What can void or reprice a lock
These are common triggers, not universal rules, and the terms depend on the wholesale lender and the program:
- Switching loan programs, for example from conventional to FHA.
- A credit score drop that crosses a pricing tier.
- A different property or a changed loan amount.
- A late change in the file, such as new debt or an income update, that alters the underwriting picture.
Two misconceptions
A locked rate is not a pre-approval. A pre-approval is an assessment of your ability to borrow, while a lock is a pricing guarantee tied to a particular deal. And a lock is not a loan commitment. Underwriting, the appraisal, and title work still have to clear before you close. The CFPB’s Closing Disclosure page shows how the final terms, including your locked pricing, are presented before you sign.
30, 45, or 60 Days: Choosing the Right Lock Period
Purchase locks typically come in 30, 45, and 60 day windows. Longer locks usually carry a small pricing adjustment, and that adjustment varies by wholesale lender and by day. Ask for the exact adjustment in writing before you choose, and compare it against the cost of an extension later.
Start with the closing date on your Henrico purchase contract, then add a cushion. The cushion covers the things that slip most often: appraisal scheduling, underwriting conditions that need documents, and title work. A contract that closes in 28 days technically fits a 30 day lock, but leaves almost no room for one late appraisal.
Program timing differences
Some programs add steps. A VA appraisal checks the property against minimum property requirements, and any repairs it flags can add time. USDA files include an eligibility review of the property and the household. FHA files also have appraisal requirements that can generate follow-up items. None of these is a reason to panic, but each is a reason to build in buffer, and that buffer is usually worth more than the small adjustment on a longer lock.
Longer is not always better
Locking for 60 days on a deal that will realistically close in 30 means paying for time you will not use. The goal is a window that comfortably covers your realistic timeline, not the longest one available.
New construction and long-closing purchases are a different case. A build that closes months out may need an extended lock or a different strategy, such as locking later in the process. Availability and pricing for extended locks differ by wholesale lender, so confirm what is offered for your specific builder timeline before you rely on it.
When to Lock: Timing the Decision Without Trying to Time the Market
Lock after you have a signed contract and know the property address. Most purchase locks require a specific property, so locking before you find a home is generally not possible. What you can do earlier is get pre-approved and review rate scenarios.
Guessing rate direction is a poor strategy. Rates respond to inflation reports, Fed communications, and bond market moves that even professionals cannot predict reliably. For a weekly benchmark, check Freddie Mac’s Primary Mortgage Market Survey, and note the date of the figure you read, since it updates every week.
A decision rule that works
Lock when the monthly payment at today’s rate fits your budget and your debt-to-income ratio. Float only if you could still afford the loan at a higher rate. If a quarter-point increase would push your payment past your comfort level or your qualifying ratio, floating is a gamble you do not need to take.
Start with a soft pull
Duane Buziak uses a NoTouch Credit Pull so buyers can see where they stand before committing. This soft credit pull mortgage approach gives you a mortgage pre approval without hard pull inquiries, which means you can compare payment scenarios and decide on timing without a credit hit. A hard inquiry comes later in the process, once you are moving forward on a specific home.
Worked Dollar Example: What a Lock Is Worth on a Short Pump Purchase
These numbers are illustrations, not a quote. Suppose you buy a Short Pump home for $520,000, which sits inside the local median range of roughly $520,000 to $527,000. With 5% down ($26,000), the loan amount is $494,000, before any mortgage insurance or financed fees.
Principal and interest use the standard formula: payment = L × r ÷ (1 − (1 + r)^−360), where L is the loan and r is the monthly rate (annual rate ÷ 12).
- At an illustrative 6.50%: r = 0.065 ÷ 12 = 0.005417, giving about $3,122 per month.
- At an illustrative 6.75%: r = 0.0675 ÷ 12 = 0.005625, giving about $3,204 per month.
That quarter-point rise costs about $82 per month, or roughly $4,900 over the first five years (60 × $82 = $4,920). A rate that moves up while you float is a real cost, and it also raises your debt-to-income ratio.
Now compare that to the cost of safety. Suppose, purely for illustration, a longer lock added 0.125 point to your pricing. On $494,000, 0.125% is $617.50. Whether that is worth paying depends on how likely your closing is to run long, which is why the exact adjustment should be in writing.
Closing costs and assistance
Depending on the program, closing costs can sometimes be handled through no-out-of-pocket closing options, such as pricing that builds costs into the rate or seller credits where the contract allows them. Dynamo DPA and Turbo DPA can also reduce the cash you bring. As an illustration, if assistance covered 3% of a $520,000 price, that would be $15,600 less cash at closing. Program terms and availability change, so confirm current details with Duane Buziak as of October 2026.
Comparison Table: Lock Options at a Glance
Pricing impact and availability vary by wholesale lender, by day, and by program, so the cells below are qualitative.
| Lock Period | Best For | Typical Timeline Fit | Pricing Impact | Extension Risk |
|---|---|---|---|---|
| 30-day | Quick closings with a clean file and a ready appraisal | Contracts closing in about 3 weeks | Usually the lowest adjustment | Higher if any step slips |
| 45-day | Standard resale purchases | Contracts closing in 4 to 5 weeks | Modest adjustment over 30-day | Moderate |
| 60-day | FHA, VA, or USDA files with added review steps, or busy appraisal periods | Contracts closing in 6 to 8 weeks | Larger adjustment than 45-day | Lower |
| Extended / new construction | Builds with long or uncertain completion dates | Closings beyond 60 days | Higher, varies widely; availability differs by wholesale lender | Depends on builder schedule |
| Float-down option | Buyers who want protection but want to capture a rate drop | Any window, if offered | Usually a fee or conditions apply | Same as the base lock |
Terms differ across FHA, VA, USDA, and conventional files. For resale homes near Short Pump Town Center and West Broad Village, 30 or 45 days often fits a typical closing. New builds usually need the extended row, and some buyers wait to lock until the completion date is firm.
What Happens If Your Lock Expires Before Closing
Most expirations trace back to a handful of causes: appraisal scheduling, missing documents, title issues, or delays on the seller’s side. Rules can also set the pace. Under the TRID rules, you must receive your Closing Disclosure at least three business days before closing, and certain changes can restart that clock. The CFPB’s Closing Disclosure page explains the timing.
Your options
- Pay for an extension. You buy additional days at the original rate, usually for a fee.
- Relock at current market pricing. That may be better or worse than your original rate.
- Seek a lender-paid extension. In some cases, when the delay is clearly on the lending side, the cost may be absorbed. Policies vary, so do not assume it.
Prevention checklist
- Submit requested documents within 24 hours.
- Avoid opening new credit accounts or financing furniture before closing.
- Do not move large, unexplained deposits into your accounts.
- Keep your employment and income stable.
A local cost that affects qualifying
Property taxes are part of your payment, and Henrico County sets its real estate tax rate per $100 of assessed value. Check the current rate on the Henrico County Finance page, because your qualifying payment includes the tax estimate for the home you are buying.
Broker Lock Strategy vs. a Single-Lender Retail Lock
A retail lender locks your loan with one company’s pricing and one company’s timelines. Duane Buziak is a broker with access to 500+ wholesale lenders, so before locking he compares pricing, fees, and lock terms across that field and places the loan with the best fit.
That matters on lock day. If one wholesale lender’s pricing is weaker or its turn times are slow, the file can go to another where the lock period and timeline match your contract. With a single-lender retail lock, you get the one set of terms on offer.
Where the broker approach fits by program
- FHA: the loan type Duane Buziak writes most often. In his own stated experience, he has never lost a rate war on FHA. That is his account, not an independently verified statistic.
- VA: available with credit scores down to 500 FICO, subject to lender overlays and full qualification.
- USDA: zero down for eligible properties and borrowers.
No broker can guarantee a specific rate, and pricing changes daily. What a broker can do is shop the market on your lock day instead of offering one price.
The NoTouch Credit Pull also helps here. As a soft pull mortgage broker, Duane Buziak lets you run a no hard inquiry mortgage pre approval and compare lock scenarios on a no credit hit mortgage application, so you decide on lock length with real numbers in hand.
Short Pump Rate Lock FAQs
How long can I lock a rate in Henrico County?
Most purchase locks run 30, 45, or 60 days, and longer windows may be available for new construction. Availability and pricing depend on the wholesale lender and program.
What if my Short Pump closing is delayed past my lock?
You generally have three options: pay for an extension, relock at current pricing, or, when the delay is the lending side’s fault, seek a lender-paid extension. Policies vary, so ask about extension costs before you choose a lock length.
Does a soft pull affect my rate lock?
No, a soft credit pull does not affect a lock. Duane Buziak’s NoTouch Credit Pull supports a mortgage pre approval without hard pull inquiries, and the lock itself is tied to your loan terms and property, not to the type of credit inquiry used for pre-approval.
Can I lock a rate before I find a house in Short Pump?
Generally no, because most purchase locks require a specific property address. You can get pre-approved and review rate scenarios first, then lock once you have a signed contract.
Can my lock change if my credit score drops?
Yes, it can, if the drop crosses a pricing tier or changes your eligibility. Avoid new credit accounts until after closing to protect your locked pricing.
What is the 2026 conforming loan limit for Henrico County?
The 2026 baseline conforming loan limit is $806,500, with a high-cost ceiling of $1,249,125. Henrico County loans fall under the baseline figure, so the $494,000 example above is well within it.
Should I lock for 45 or 60 days on a Short Pump resale?
For a typical resale with a conventional loan, 45 days often fits, while FHA, VA, or USDA files with added review steps may justify 60. The right choice depends on your contract closing date plus a cushion for the appraisal and conditions.
Do Dynamo DPA or Turbo DPA affect my lock?
Assistance programs can change your cash needed and sometimes the loan structure, so your lock should be set for the final program and terms. Confirm current Dynamo DPA and Turbo DPA terms with Duane Buziak as of October 2026.
Lock After the Contract, Cushion Past Closing
The rule is simple: lock once you have a signed contract and a known property, and pick a period that runs comfortably past your closing date. A few extra days of cushion usually cost less than an extension or a relock at worse pricing.
Call Duane Buziak at (804) 212-8663 for a NoTouch Credit Pull pre-approval and a lock plan built around your actual closing date. Ready to find the right mortgage solution for your Short Pump area home? Connect with our local mortgage experts today for personalized guidance and access to multiple lenders who compete for your best rate. Short Pump Mortgage by Duane Buziak is ready when you are.