A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a specific number of points for you for a certain period of time while your application is processed. This ensures that your interest rate will not go up during the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter rate lock period
In addition to going with a shorter lock period, there are more ways you can get the lowest rate. The bigger down payment you make, the better the rate will be, as you will have more equity from the start. You can pay points to improve your rate over the term of the loan, meaning you pay more initially. One strategy that is a good option for some is to pay points to improve the interest rate over the term of the loan. You will pay more initially, but you'll save money, especially if you keep the loan for a long time.
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