A rate "lock" or "commitment" is a lender's promise to set a particular interest rate and a particular number of points for you for a certain period of time during your application process. This ensures that your interest rate will not rise as you are working through the application process.
Although there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in doing so, will most likely have a higher rate than you would have with a shorter period
In addition to choosing the shorter lock period, there are several ways you may be able to attain the lowest rate. The bigger down payment you make, the smaller the interest rate will be, as you will have more equity from the beginning. You could opt to pay points to reduce your rate over the life of the loan, meaning you pay more up front. For many people, this makes financial sense..
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