A rate "lock" or "commitment" is a promise from the lender to set a specific interest rate and a certain number of points for you for a certain period of time while your application is processed. This ensures that your interest rate will not get higher during the application process.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period generally costing more. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter span of time
In addition to opting for the shorter lock period, there are more ways you may be able to get the lowest rate. The bigger down payment you pay, the better your interest rate will be, since you will be starting with more equity. You can pay points to improve your rate for the term of the loan, meaning you pay more up front. For many people, this makes sense and is a good deal..
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