When you're offered a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate for a determined period while you work on the application process. This keeps you from working through your whole application process and discovering at the end that the interest rate has risen higher.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer ones generally costing more. You can get a longer period for your lock, but in doing so, will probably have a higher interest rate than you would with a shorter span of time
In addition to opting for a shorter lock period, there are several ways you can attain the best rate. A bigger down payment will get you a better interest rate, since you'll have more equity at the start. You can pay points to bring down your rate over the life of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to improve the rate over the term of the loan. You pay more initially, but you'll come out ahead, especially if you don't refinance early.
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