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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, even 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 when it’s expected to).

At this point, the lender will also work on putting your full application and file together to begin the underwriting process. They’ll likely be asking for 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).