When you're promised a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate for a certain number of days for the application process. This keeps you from working through your entire application process and finding out at the end that the interest rate has gotten higher.
While there are several lengths of rate lock periods (from 15 to 60 days), the extended ones are generally more expensive. You can get a longer period for your lock, but in doing so, will most likely have a higher interest rate than you would with a shorter span of time
In addition to choosing the shorter rate lock period, there are several ways you are able to score the best rate. The larger down payment you can pay, the lower your interest rate will be, as you will be entering the loan with more equity. You can pay points to reduce your interest 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 bring the rate down over the life of the loan. You'll pay more initially, but you'll come out ahead, especially if you keep the loan for the full term.
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