Lock In Your Loan A lock-in holds an interest rate and points for a specified period of time, usually 30-60 days. Depending on the lender, you can lock-in at the time of application, during loan processing, at the time of loan approval, or later. A lock-in at application is useful when interest rates are on the rise, protecting against rate increases. If interest rates are falling, it may be best to wait until after application approval to lock in. Lock-ins aren’t always free. Some lenders …