As you move through the mortgage process , your interest rate isn’t guaranteed until it’s locked in. A rate lock-in can help you stay on budget and protect you from rising rates before closing. What Is a Rate Lock-In? A rate lock-in is an agreement between you and your lender. It guarantees that the interest rate you’re offered won’t change for a set amount of time — even if rates go up before you close on your home. Why Are Rate Lock-Ins Important? A rate lock-in provides you peace of mind; you don’t have to worry about the ups and downs of the market while you wait for your loan to close. Knowing your interest rate ahead of time can also help you plan monthly mortgage payments , making it easier to set a monthly budget . Without a lock-in, rising rates could push your payment higher — sometimes enough to make your new home harder to afford . When Should You Consider Locking Your Rate?…