Rate hold

A rate hold is free insurance against rising rates while you shop. Lock today's rate for 90–120 days, and if the market climbs during your search you still get the held rate; if it falls, most lenders 'float you down' to the lower one.

It comes with most pre-approvals, but it only applies to a real, approved file — and it's tied to that lender's product. If you switch lenders or your closing slides past the hold window, you re-rate at current market.

Because of the float-down, getting (and refreshing) a rate hold early in a long house hunt is almost pure upside. Start one ~120 days before a renewal for the same protection.