A rate "lock" or "commitment" is a promise from the lender to freeze a particular interest rate and a particular number of points for you for a certain period of time during your application process. This keeps you from working through your entire application process and finding out at the end that the interest rate has gotten higher.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer period generally costing more. The lending institution can agree to freeze 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 higher than with a rate lock of fewer days.
In addition to opting for the shorter rate lock period, there are more ways you can score the best rate. The bigger the down payment, the better the interest rate will be, as you will have more equity from the beginning. You can pay points to reduce your rate over the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you'll come out ahead in the end.
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