What Happens to Your Rate If Your Portage Closing Gets Delayed

When Portage buyers lock their mortgage rate, most assume that's the rate they're getting — full stop. What they don't always account for is that a rate lock has an expiration date, and if your closing pushes past it, your rate could change.

A rate lock is your lender's commitment to hold your interest rate for a set period, typically 30, 45, or 60 days from when you lock. If your closing happens within that window, you get the locked rate regardless of what market rates do in the meantime. If closing is delayed past the lock period, you'll need an extension — and that comes with a cost or risk.

What Happens If Your Rate Lock Expires

• If closing is delayed, ask your lender immediately about a rate lock extension
• Extension fees typically run 0.125% to 0.25% of the loan amount per additional 15-day period
• If rates have dropped since you locked, letting the lock expire and re-locking at the lower rate may make sense — ask your lender to run the math
• Common delay causes: slow underwriting responses, appraisal issues, seller delays — responding quickly to lender requests protects your lock

Our closing was pushed two weeks because of an appraisal issue. Our lender had us extend the rate lock right away. It cost a small fee but saved us from re-locking at a higher rate.

— Portage Buyer, 2026

Frequently Asked Questions