A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a certain number of points for you for a specified period while your application is processed. This means your interest rate will not go up while you are going through the application process.
While there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher rate than you would with a shorter rate lock span of time
There are more ways to get a low rate, in addition to agreeing to a shorter rate lock period. The larger down payment you can make, the smaller your interest rate will be, as you will be entering the loan with more equity. You can pay points to bring down your interest rate over the loan term, meaning you pay more initially. To many people, this makes financial sense..
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