A new mortgage pricing lock after a prior lock expires, is canceled, or no longer fits the loan scenario.
Relock means creating a new mortgage rate lock after a prior lock has expired, been canceled, or no longer applies to the current loan scenario.
Relock matters because borrowers sometimes assume an earlier locked quote can simply be reused. In practice, a lender may treat the file as needing a new pricing decision if the original lock is no longer valid.
That new lock may not match the original rate, points, credits, or cost structure. A relock can therefore change the borrower’s payment expectations, cash-to-close planning, or decision about whether the same lender is still the best fit.
Borrowers encounter relock language when a locked file cannot close within the original window, when a borrower pauses and restarts a loan file, or when the loan scenario changes enough that the prior lock is no longer usable.
The term becomes practical after Rate Lock Expiration or after a lender determines that the previous lock terms do not fit the revised loan.
| Choice | Typical use | Borrower concern |
|---|---|---|
| Rate Lock Extension | Add time to an existing active lock | What does extra time cost? |
| Relock | Create a new lock after the prior one is no longer valid | Will current pricing be better, worse, or different? |
| Rate Float | Leave pricing unlocked for now | What if market pricing moves before locking? |
A relock can establish a new note rate, points, lender credits, expiration date, and lock-related cost. The result may use current market pricing, lender relock rules, or a less favorable “worst-case” convention under which the borrower does not automatically receive the best of the old and new markets.
That makes relock more than an administrative reset. Even if the rate stays similar, changed credits or points can alter cash to close.
Request a written side-by-side comparison showing:
If the original lock is still active, compare relock with an extension or permitted renegotiation before replacing it. If the loan scenario changed, verify that the new lock uses the correct property, occupancy, loan amount, and program. Preserve both confirmations so later disclosures can be reconciled to the actual sequence.
Relock policies vary, so ask the lender to price each path that is actually available on the same day. The relevant comparison may include extending the active lock, allowing it to expire and relocking, changing the closing date, or accepting revised current-market pricing.
| Comparison item | Why it can change the decision |
|---|---|
| Note rate | A new lock may not retain the original percentage |
| Points or credits | Cash to close can change even when the rate appears similar |
| Extension or relock fee | Adds a direct cost to preserving or replacing pricing |
| New expiration | Must provide enough time for the revised closing path |
| Scenario assumptions | The new property, balance, occupancy, and program must be correct |
Do not cancel an active lock merely to seek a better relock until the lender explains the consequence in writing. Some policies can apply less favorable pricing or a waiting period after cancellation, and a borrower may lose the option to extend the original lock.
A borrower’s original lock expires after a delayed purchase. The lender offers a new 30-day lock at 6.625% with no points, while extending the old 6.500% lock would cost $1,400. The borrower compares the payment difference, extension cost, and time still needed to close rather than assuming the lower old rate is automatically the cheaper path.
Relock differs from Rate Lock. A rate lock is the original pricing commitment. A relock is a later new commitment after the prior lock is no longer the working lock.
It also differs from Rate Lock Extension. An extension keeps an existing lock alive for more time. A relock creates a new lock, often under current rules and pricing.
It also differs from Float Down. Float-down is a feature that may improve an active lock if market pricing improves. Relock is a new lock event after the prior lock no longer controls.