When you're offered a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate for a certain number of days while you work on the application process. This means your interest rate will not rise during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher interest rate than you would with a shorter rate lock span of time
There are other ways to get a low rate, besides agreeing to a shorter rate lock period. The more the down payment, the better the rate will be, as you will be entering the loan with more equity. You might opt to pay points to lower your interest rate for the term of the loan, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you will save money in the end.
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