When you’re in the process of getting a home loan, at some point you’ll have to lock in your mortgage rate. This might be months in advance, mere days before closing, or some time in between. This post outlines several rate lock strategies along with their advantages and drawbacks. “If I lock my rate, and interest rates go down, what happens?” If you decide to get a rate lock, you should make sure your rate lock agreement is long enough to cover the time until you close on your loan. If you are concerned that your rate lock period might be too short, ask your lender about switching to a longer rate-lock period now. When Should You Lock In A Mortgage Interest Rate? Pros And Cons Of Locking In Your Rate. By Peter Anderson 5 Comments-The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money.Last edited June 13, 2013.