A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a specific number of points for you for a certain period of time while your application is processed. This means your interest rate cannot rise during the application process.
While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would have with a shorter span of time
There are other ways to get a low rate, in addition to going with a shorter rate lock period. The more the down payment, the smaller your interest rate will be, as you will be entering the loan with more equity. You might choose to pay points to improve your rate for the loan term, meaning you pay more initially. For a lot of people, this is a good option..
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