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Now, it’s time to lock in your mortgage rate with the lender (you can also wait if you want to).

Mortgage rates change daily, sometimes hourly. A rate lock protects you from rate fluctuations. It’s a written guarantee from the lender that you’ll get a specific interest rate on your loan, despite what the market does (as long as your loan closes on time).

At this point, the lender will work on putting your loan file through final underwriting. They’ll likely be asking for some additional financial documents (sometimes they just need to update the documents you already gave them, especially if it’s been a while since you were pre-approved).