When can you lock your rate? Buyers typically wait until a seller has accepted their purchase offer for a specific property. Also, other information is required to lock because the rate offered depends on the borrower’s credit score, loan to value ratio, the property type, market rates and other factors.
How long can you wait until you lock a rate (or how long can you float a rate)? In theory until the transaction closes, but practically speaking you want to lock your rate at least a few days to a week before closing to allow the lender time to prepare loan documents.