A rate "lock" or "commitment" is a lender's promise to hold a certain interest rate and a specific number of points for you for a specified period of time while your application is processed. This means your interest rate cannot grow during the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher rate than you would have with a shorter period
In addition to opting for a shorter rate lock period, there are other ways you may be able to get the lowest rate. A bigger down payment will result in a better interest rate, because you'll have more equity from the beginning. You can pay points to lower your interest rate over the term of the loan, meaning you pay more initially. One strategy that makes financial sense for many people is to pay points to reduce the interest rate over the term of the loan. You pay more up front, but you'll come out ahead, especially if you don't refinance early.
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