A rate "lock" or "commitment" is a promise from the lender to lock in a particular interest rate and a particular number of points for you for a specified period while your application is processed. This means your interest rate can't grow during the application process.
Although there may be a choice of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher interest rate than you would have with a shorter rate lock span of time
In addition to going with the shorter rate lock period, there are more ways you can get the best rate. The larger down payment you make, the better the interest rate will be, because you will have more equity from the beginning. You can pay points to bring down your rate over the loan term, meaning you pay more up front. For many people, this makes financial sense..
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