What they are?
What is it?
Extended rate locks protect buyers from interest rate increases during longer transactions.
How does it work?
- Rates can be locked for extended periods (90–270+ days) depending on lender and product.
Where is it available?
Loan types available
Conventional, FHA, VA, USDA.
Where available in Illinois
- Available Statewide
- More common with new construction
Key Qualifications
Qualification requirements
- Lock fees may apply
- Borrower must close within the lock period
