A rate "lock" or "commitment" is a promise from the lender to lock in a specific interest rate and a certain number of points for you for a certain period during your application process. This protects you from working through your whole application process and discovering at the end that your interest rate has gone up.
While there are several lengths of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. The lending institution may agree to freeze an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
There are other ways to get a reduced rate, in addition to choosing a shorter rate lock period. A larger down payment will get you a lower interest rate, since you're starting out with a good deal of equity. You could choose to pay points to reduce your interest rate over the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..
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