When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a set interest rate for a certain number of days while you work on your application process. This prevents you from working through your entire application process and finding out at the end that the interest rate has gotten higher.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer ones generally costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would with a shorter period
In addition to opting for a shorter rate lock period, there are several ways you are able to get the best rate. The larger down payment you can pay, the smaller the rate will be, because you will be starting with more equity. You could opt to pay points to improve your rate over the loan term, meaning you pay more initially. One strategy that is a good option for some is to pay points to bring the rate down over the life of the loan. You'll pay more up front, but you will come out ahead in the long run.
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