A rate "lock" or "commitment" is a lender's promise to set a specific interest rate and a certain number of points for you for a specified period of time while your application is processed. This means your interest rate can't go up during the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. You can get a longer period for your lock, but in doing so, will most likely have a higher interest rate than you would with a shorter period
In addition to going with a shorter lock period, there are more ways you are able to get the best rate. A bigger down payment will give you a reduced interest rate, since you will have a good amount of equity from the beginning. You could choose to pay points to improve your interest rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to bring the rate down over the life of the loan. You pay more initially, but you will save money, especially if you don't refinance early.
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