When shopping for a mortgage, you’ll hear terms like email quote and Rate Lock Agreement — while they both disclose interest rates, they have different meanings.
An email quote provides a snapshot of your potential loan terms, while a Rate Lock Agreement secures your rate for a set period.
Understanding the difference helps you shop confidently, compare offers accurately, and protect yourself from sudden market changes.
Key Takeaways
Email Quote:
An informal, written rate and payment estimate based on self-reported information. Lenders do not guarantee it, and it can change as market rates fluctuate.
Rate Lock Agreement:
A formal agreement between you and your lender that guarantees your interest rate and terms for a set period (typically 30–60 days) after loan approval.
Biggest Difference:
Email Quote = rate preview.
Rate Lock Agreement = rate protection.
💡 Pro Tip: Before locking your rate, upload your Loan Estimate to Fincast — where vetted lenders can review your offer and try to beat your deal, with no extra credit pulls or spam.
What Is an Email Quote?
An email quote is an informal rate and payment estimate sent by your lender, usually after your initial conversation about a loan.
It offers a general idea of your potential mortgage costs based on factors you provide verbally, such as your credit score, loan amount, and down payment. It’s not a binding offer.
Because lenders base email quotes on assumptions and fluctuating market rates, your final rate may differ once you apply and provide your financial documentation.
An email quote typically includes:
Estimated interest rate and APR
Loan term and type
Approximate monthly payment
Estimated total loan costs
Basic assumptions (credit, property type, down payment)
👉 Think of an email quote as your first look — a quick, informative snapshot of today’s rates.
What Is a Rate Lock Agreement?
A Rate Lock Agreement is a formal commitment from your lender to secure your interest for a specific period — even if market rates change.
You can lock your rate once you apply for the loan and your lender provides a conditional approval. You can lock your rate for a set timeframe (commonly 30, 45, or 60 days).
If rates increase during your rate lock, you keep your chosen rate. However, if they fall, you may need to renegotiate or “float down” (if your lender allows it).
A Rate Lock Agreement includes:
Your locked interest rate and loan program
The lock period (number of days it’s valid)
Expiration date
Conditions for maintaining or losing the lock
👉 Think of a Rate Lock Agreement as your rate insurance — it protects you from market volatility while finalizing your loan.
Email Quote vs Rate Lock Agreement: Side-by-Side
Feature | Email Quote | Rate Lock Agreement |
|---|---|---|
When You Get It | Early, before applying | After applying and receiving your Loan Estimate |
Purpose | Preview of potential rates | Protects your rate for a set period |
Verification | Based on self-reported info | Based on verified loan details |
Binding? | No — purely informational | Yes — formal lender commitment |
Best For | Early rate comparison | Securing your rate before closing |
How Should I Use Both When Buying a Home?
Both documents play an important role — one at the start, one during the process.
Step 1: Request Email Quotes
Start by asking several lenders for email quotes. Compare estimated rates, payments, and terms to narrow your options.
Step 2: Apply for Your Loan
After finding a property and choosing a lender, complete a full application. Within three business days, you’ll receive your official Loan Estimate — the standardized disclosure outlining your true loan costs and terms.
Step 3: Upload to Fincast
Use Fincast to benchmark your Loan Estimate against vetted lenders. Fincast instantly shows if any lenders offer better rates and fees for your financial situation — with no credit impact.
Step 4: Lock Your Rate
After choosing the best offer, request a Rate Lock Agreement. This ensures your rate won’t change while the lender finalizes underwriting..
Step 5: Close With Confidence
With your rate locked and your deal verified, you can move confidently toward closing knowing exactly what to expect.
Why Both Matter
Your email quote helps you explore the market and compare options.
Your Rate Lock Agreement protects the deal you’ve chosen from shifting rates.
Together, they help you move from research to commitment — ensuring you get the rate you want and the stability you need.
Shop for Your Best Mortgage Deal Effortlessly Using Fincast
Before you lock your rate, ensure you have the strongest deal.
Upload your Loan Estimate to Fincast, and the platform automatically benchmarks your offer against vetted lenders — revealing potentially better rates or hidden fees in seconds.
✅ No multiple applications
✅ No extra credit pulls
✅ No spam
You’ll see exactly how your offer stacks up — before you lock in.
FAQs
1. Can I get a Rate Lock before applying?
No. You must first apply and receive your Loan Estimate before locking a rate.
2. Does locking my rate guarantee loan approval?
No. The lock guarantees your interest rate — final approval depends on underwriting.
3. Can my rate lock expire?
Yes. If you don’t close within the lock period, you may need to extend (for a fee) or accept current market rates.
4. Do rates change after an email quote?
Yes. Market rates move daily, and your actual rate depends on verified details and when you lock.
5. How does Fincast help with rate locks?
Fincast benchmarks your Loan Estimate instantly to confirm if your locked rate and fees are competitive — all without extra credit pulls.
Bottom Line
Email Quote = explore rates.
Rate Lock Agreement = protect your rate.
One helps you shop; the other helps you secure your deal.
With Fincast, you can confirm your locked rate is truly competitive — before you close, not after.
Pro Tips (Save These!)
✅ Always request email quotes in writing for clarity.
✅ Don’t lock your rate until you’re comfortable with your Loan Estimate.
✅ Upload your Loan Estimate to Fincast before securing your rate.
✅ Track your rate lock expiration date to avoid surprises.
Action Checklist
☑️ Request email quotes from multiple lenders
☑️ Apply for your loan and review your Loan Estimate
☑️ Lock your rate with a Rate Lock Agreement
☑️ Upload your Loan Estimate to Fincast for instant benchmarking
☑️ Confirm your deal and close confidently
👉 Ready to shop smarter and lock confidently? Upload your Loan Estimate to Fincast and see how your rate stacks up today.
Disclaimer: Nothing in this content should be considered financial advice. The examples and data shared are for general information only and may not reflect your personal situation. We do not guarantee the accuracy or completeness of the information provided. Always do your own research and speak with a qualified financial advisor before making any financial decisions.
