Mortgage Rate Lock

A mortgage rate lock is an option that can be added to fixed-rate mortgages.

The benefit of getting a mortgage rate lock is that you can lock in your interest rates far ahead of the start of your mortgage term.

You can typically choose to lock in your mortgage rates up to 12 months in advance, although some banks offer up to 24 months.

Compared to a regular mortgage, mortgages with a mortgage rate lock are somewhat more expensive, which means the mortgage rate you get will be higher than the current market rate. As with other mortgages, the rate you pay, including the markup for the mortgage rate lock, is negotiable.

A mortgage rate lock can be interesting if you will only need a first mortgage or a new mortgage at some point in the future, but want to lock in current low interest rates to guard against the possibility of rates climbing before your mortgage term begins. This can be useful if, for example, you plan on buying a home in the not-to-distant future, and you expect mortgage rates to go up in the meantime.

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Expert Felix Oeschger
Felix Oeschger is an analyst and expert at moneyland.ch. He is responsible for several core topics.
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