A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a particular number of points for you for a specified period during your application process. This means your interest rate won't rise during the application process.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer ones generally costing more. The lending institution will agree to hold an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.
There are more ways to get a reduced rate, besides opting for a shorter rate lock period. A larger down payment will result in a reduced interest rate, because you will be starting out with a good deal of equity. You could choose to pay points to bring down your rate over the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..
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