A rate "lock" or "commitment" is a lender's promise to freeze a certain interest rate and a certain number of points for you for a certain period while your application is processed. This prevents you from working through your whole application process and finding out at the end that the interest rate has risen higher.
Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer period generally costing more. A lender can agree to hold an interest rate and points for a longer span of time, such as 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.
In addition to choosing the shorter rate lock period, there are more ways you can get the lowest rate. The bigger down payment you can pay, the lower the rate will be, since you will be entering the loan with more equity. You can pay points to lower your interest rate over the life of the loan, meaning you pay more up front. One strategy that is a good option for some is to pay points to improve the interest rate over the term of the loan. You are paying more up front, but you'll come out ahead, especially if you don't refinance early.
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