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Extended Rate Lock

Secure your optimal mortgage rate

Protect yourself from a rate increase. Benefit from a rate decrease. We call that a win-win.

Mortgage rates can change daily, and most rate locks are valid for 30-60 days. If you have a later closing date, now you can take advantage of the Extended Rate Lock from Bremer Bank. This feature allows you to lock an interest rate for 90-180 days on conventional, FHA, VA, portfolio, refinance, rehabilitation and construction end loans and more.

In a rising interest rate environment, being able to lock your interest rate all the way to your closing date offers protection against the rates (and ultimately your mortgage payments) increasing.

In a declining interest rate environment, also ask about our Float-Down Option. This feature allows you to request a one-time "float down" - or reduction - in rate if the rates decrease during your extended lock period. 

Talk to your mortgage loan officer to see if Extended Rate Lock or the Float-Down option are right for you.


  • Borrowers exercising an extended lock are required to pay fees within 5 days of lock and cannot be paid by a seller. Extended lock fee is a non-refundable upfront fee unless the loan is denied by the lender. Only one float down per transaction. Float down must be exercised between 45 and 15 days prior to closing and will be adjusted to the current market 60-day par rate.

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