When you are promised a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate over a certain number of days for your application process. This saves you from working through your whole application process and learning at the end that the interest rate has gone up.
While there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher rate than you would have with a shorter rate lock period
In addition to choosing the shorter rate lock period, there are several ways you are able to get the best rate. A bigger down payment will give you a better interest rate, since you are starting out with more equity. You can pay points to reduce your rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to bring the rate down over the life of the loan. You pay more initially, but you'll come out ahead in the long run.
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