A rate "lock" or "commitment" is a lender's promise to lock in a particular interest rate and a particular number of points for you for a specified period while your application is processed. This protects you from working through your whole application process and finding out at the end that the interest rate has risen higher.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer spans typically costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would with a shorter rate lock span of time
In addition to opting for a shorter lock period, there are other ways you are able to score the lowest rate. The bigger the down payment, the lower the interest rate will be, as you will have more equity from the start. You can pay points to bring down your rate over the life of the loan, meaning you pay more up front. One strategy that is a good option for some is to pay points to improve the interest rate over the life of the loan. You pay more up front, but you will save money, especially if you keep the loan for the full term.
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