A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a certain number of points for you for a certain period of time while your application is processed. This means your interest rate can't get higher while you are working through the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans generally costing more. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter rate lock period
There are other ways to get a low rate, in addition to choosing a shorter rate lock period. The more the down payment, the lower the interest rate will be, because you will have more equity from the beginning. You can pay points to lower 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 improve the rate over the term of the loan. You'll pay more up front, but you'll come out ahead in the long run.
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