A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a certain number of points for you for a certain period of time while your application is processed. This ensures that your interest rate can't get higher while you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer period typically costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher interest rate than you would have with a shorter period
In addition to opting for the shorter rate lock period, there are other ways you can get the best rate. A bigger down payment will give you a lower interest rate, because you will be starting out with more equity. You can pay points to lower your rate over the life of the loan, meaning you pay more up front. To many people, this makes sense and is a good deal..
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