A rate "lock" or "commitment" is a lender's promise to freeze a specific interest rate and a particular number of points for you for a certain period of time while your application is processed. This protects you from working through your whole application process and finding out at the end that the interest rate has gotten higher.
Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer period usually costing more. The lending institution will agree to hold an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
In addition to choosing a shorter rate lock period, there are other ways you may be able to score the best rate. The bigger the down payment, the smaller the interest rate will be, because you will have more equity from the beginning. You can pay points to improve your interest rate for the life of the loan, meaning you pay more up front. One strategy that is a good option for some is to pay points to reduce the rate over the term of the loan. You'll pay more initially, but you will save money, especially if you don't refinance early.
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