Fee Sheet vs. Rate Lock Agreement: What’s the Real Difference for Homebuyers?

When you’re shopping for a mortgage, you might receive a Fee Sheet early in the process — and later, a Rate Lock Agreement from your lender.

At first glance, both seem related to your loan’s pricing, but they serve different purposes at various stages of your mortgage journey.

A Fee Sheet is an early, unofficial estimate of what your loan may cost based on preliminary details. A Rate Lock Agreement is a formal, time-sensitive commitment from your lender guaranteeing your interest rate for a specific period.

Understanding how they differ helps you avoid confusion, confirm your loan terms, and lock your rate at the right time — without surprises later.

Key Takeaways

Fee Sheet:

A lender-generated estimate of projected loan costs and fees — detailed, but unofficial.

Rate Lock Agreement:

A formal commitment that secures your interest rate and pricing for a set period, typically 15–60 days, but it can vary by lender.

Biggest Difference:

Fee Sheet = cost estimate.

Rate Lock Agreement = rate guarantee.

💡 Pro Tip: Before locking your rate, upload your Loan Estimate to Fincast to benchmark your deal against vetted lenders and determine whether it's competitive.

What Is a Fee Sheet?

A Fee Sheet (sometimes called a “Loan Cost Worksheet,” “Itemized Fee Summary,” or other lender-specific name) is a written estimate your lender provides early in the process.

It’s not a legal document — it’s simply a snapshot of estimated costs to help you compare lenders and understand potential fees before you apply. Fee Sheets are not standardized across lenders and are not a substitute for federally required disclosures like the Loan Estimate.

A Fee Sheet usually includes:

• Loan amount, rate, and term assumptions

• Estimated monthly payment

• Lender fees (origination, processing, underwriting)

• Third-party fees (appraisal, title, escrow)

• Prepaid items (taxes, insurance, interest)

• Estimated total cash to close

👉 Think of a Fee Sheet as your early cost preview — detailed enough to compare lenders, but not binding.

What Is a Rate Lock Agreement?

A Rate Lock Agreement (or “Rate Lock Confirmation”) is a written contract between you and your lender that guarantees your interest rate for a set number of days — typically 30, 45, or 60 — while they process your loan.

Once your rate is locked, your pricing is protected from market changes during that period. If rates rise, you’re safe; if rates fall, you may need to negotiate a “float-down” option.

A Rate Lock Agreement typically includes:

• Locked interest rate and loan program

• Lock period (e.g., 30 or 45 days)

• Expiration date

• Applicable points, credits, or fees

• Terms for lock extensions or changes

👉 Think of a Rate Lock Agreement as your rate guarantee — it freezes your rate and pricing while your loan moves toward closing.

Fee Sheet vs Rate Lock Agreement: Side-by-Side

How Should I Use Both When Buying a Home?

Each plays an important role at a different stage of your loan journey — one for comparison, the other for commitment.

Step 1: Request Fee Sheets

Early on, ask multiple lenders for Fee Sheets, or their version of it. Compare estimated costs and total cash to close to identify your most competitive options.

Step 2: Apply for Your Loan

Once you’ve chosen a lender, submit your full application. Within three business days, you’ll receive your official Loan Estimate.

Step 3: Upload to Fincast

Upload your Loan Estimate to Fincast to compare your deal with what vetted lenders offer — helping you determine whether your locked deal is aligned with current market offers.

Step 4: Lock Your Rate

When you’re satisfied with your terms, ask your lender to lock your rate. You’ll receive a Rate Lock Agreement that confirms your pricing and expiration date.

Step 5: Review Your Lock Terms

Confirm the rate, loan program, and expiration date match what you agreed to — and ask if a float-down option is available if rates drop.

Why Both Matter

Your Fee Sheet helps you estimate costs.

Your Rate Lock Agreement secures your rate.

Together, they help you go from exploring options to locking in confidence — ensuring transparency from your first quote to your final rate.

Compare Real Offers Effortlessly Using Fincast

Before locking your rate, double-check your deal.

Upload your Loan Estimate to Fincast to see if any other lenders offer better pricing.

✅ No multiple applications

✅ No extra credit pulls

✅ No spam

You’ll see exactly how your rate stacks up — before you lock or close.

FAQs

1. Is a Fee Sheet the same as a Rate Lock Agreement?

No. A Fee Sheet is an estimate of costs; a Rate Lock Agreement is a commitment that secures your interest rate.

2. When should I lock my rate?

Typically, after your loan application is complete, and you’re comfortable with your lender’s terms.

3. Can my rate change after I lock it?

Your rate typically will not change during the lock period unless your lock expires or your loan characteristics change (such as credit score, property type, loan amount, or program).

4. Do I pay for a rate lock?

Usually no, but some lenders charge for extended lock periods or float-down options.

5. How does Fincast help?

Fincast benchmarks your rate and fees against vetted lenders — helping you determine whether your deal is still competitive before closing.

Bottom Line

Fee Sheet = early estimate.

Rate Lock Agreement = rate guarantee.

One helps you explore your costs; the other protects your pricing.

With Fincast, you can make sure the rate you lock — and the deal you sign — are competitive based on real offers from vetted lenders.

Pro Tips (Save These!)

✅ Always confirm your lock expiration date in writing.

✅ Ask if your lender offers a float-down option.

✅ Keep a copy of your Rate Lock Agreement and Fee Sheet.

✅ Upload your Loan Estimate to Fincast to confirm your deal’s competitiveness.

Action Checklist

☑️ Request Fee Sheets from multiple lenders

☑️ Apply and receive your Loan Estimate

☑️ Upload your Loan Estimate to Fincast for instant benchmarking

☑️ Lock your rate once you’re ready to move forward

☑️ Review your Rate Lock Agreement carefully

👉 Ready to lock with confidence?

Upload your Loan Estimate to Fincast and ensure your pricing — and your deal — are competitive relative to offers from vetted lenders.