A rate "lock" or "commitment" is a promise from the lender to set a specific interest rate and a particular number of points for you for a certain period of time while your application is processed. This ensures that your interest rate cannot rise while you are going through the application process.
Although there might 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 choosing this option, will likely have a higher rate than you would have with a shorter rate lock period
In addition to going with the shorter lock period, there are other ways you may be able to score the best rate. A larger down payment will get you a lower interest rate, because you'll have more equity at the start. You can pay points to bring down your interest rate for the term of the loan, meaning you pay more initially. To many people, this makes sense and is a good deal..
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