A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a particular number of points for you for a certain period while your application is processed. This saves you from going through your entire application process and finding out at the end that your interest rate has risen higher.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would have with a shorter period
There are other ways to get a low rate, in addition to going with a shorter rate lock period. The larger the down payment, the smaller the rate will be, since you will be starting with more equity. You can pay points to bring down your interest rate for the life of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to reduce the interest rate over the life of the loan. You'll pay more up front, but you will save money in the long run.
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