A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a specific number of points for you for a certain period while your application is processed. This ensures that your interest rate won't rise during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. A lender may agree to lock in an interest rate and points for a longer span of time, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
In addition to choosing a shorter rate lock period, there are several ways you may be able to score the lowest rate. A bigger down payment will result in a reduced interest rate, because you'll have more equity from the beginning. You might opt to pay points to improve your interest rate over the loan term, meaning you pay more initially. One strategy that is a good option for some is to pay points to reduce the rate over the life of the loan. You pay more up front, but you'll come out ahead in the end.
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