A rate "lock" or "commitment" is a promise from the lender to lock in a particular interest rate and a particular number of points for you for a certain period during your application process. This protects you from working through your entire application process and learning at the end that the interest rate has gotten higher.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer spans generally costing more. The lending institution will agree to freeze 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 that of a rate lock of a shorter period.
There are other ways to get a reduced rate, in addition to agreeing to a shorter rate lock period. The larger down payment you make, the smaller your rate will be, as you will have more equity from the beginning. You may choose to pay points to bring down your rate over the life of the loan, meaning you pay more initially. One strategy that makes financial sense for many people is to pay points to reduce the interest rate over the life of the loan. You'll pay more up front, but you'll come out ahead, especially if you don't refinance early.
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