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 In practice, a lender may treat the file as needing a new pricing decision if the original lock is no longer valid.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| Relock | Create a new lock after the prior one is no longer valid | Will current pricing be better, worse, or different?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 borrower locks a rate, but the purchase falls through before closing. Two months later, the borrower finds another property and restarts the loan process. The old lock does not carry over automatically, so the lender prices the new scenario and relocks under current terms.
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.